Lawyer's Guide to Family Business Succession Planning

In family-owned businesses, smart succession planning is the key to sustaining the company in the future with a successful transfer of ownership and leadership to the next generation. To help counsel the family business owners effectively, this guide provides a comprehensive, logical, step-by-step approach to family business succession planning. Each section provides substantive guidance, insights, and resources to help you properly advise business owners, design the structures, and draft the documents to produce an effective, appropriate, and thorough succession plan.Organized as a comprehensive outline from initial meeting through completion, each chapter explains key concepts, identifies issues requiring attention, provides practice tips, and references additional resources for further assistance.To help you effectively counsel and represent your family business client, this valuable tool includes guidance on:The detailed process of family business succession planning Ethical rules governing the family business lawyerPlanning for the sudden loss of a family business leaderBusiness restructuring to create better flexibility and economic efficiencyGovernance mechanisms tailored to the composition of successor ownershipKey contracts with related and third partiesFinancial resources and security for senior owners in retirementTrusts and trust fiduciaries in family business ownershipAnd moreIncludes an appendix with an outline, checklist, and worksheet.