Business Succession Planning
Family businesses and other privately held businesses and their owners have a long held interest in the succession of management and ownership of the business, as well as preservation of wealth and the transfer of that wealth from generation to generation. But without careful planning, substantial estate taxes, inadequate compensation or ownership incentives, or conflicting interests among family members can threaten the long-term survival of what may be the owner's most valuable asset.
Representation of closely held and family businesses, and their owners, has long been the core of the firm's practice. Attorneys with expertise in tax, estate planning, retirement planning, employment law, securities and financing, along with business attorneys, work together to assist these businesses and owners in preparing for the succession of the ownership and management of the business and the transfer of wealth associated with the business.
Services in this regard include:
- Working with owners to design a structure for succession.
- Planning for retention of key employees who are not owners or family members.
- Assisting the owners in balancing the needs of different generations and resolving intra-family conflicts.
- Estate and retirement planning, including charitable tax planning.
Graydon Head & Ritchey has also been actively involved for many years with the Goering Center for Private and Family Business, which is a valuable resource for family businesses throughout the Greater Cincinnati area as they plan for the succession of ownership and management.