If you own a family business and have been thinking about retirement, you know it is not as simple as just not showing up for work anymore. Rather, business owners need an exit strategy, or a “succession plan.” Besides ensuring you have enough money to support yourself in retirement, a good succession plan will allow you to control who will manage the business, and how ownership will be transferred. Further, advanced planning for the next generation of owners and managers may result in better operational, financial, and tax outcomes.
Proper business succession planning involves careful thought and preparation. For over 40 years, we at McHugh Law have been advising business owners and families on strategies to help them pass their family businesses on to the next generation. We have the experience and expertise to help you establish a business succession plan that fits your needs.