Experienced New Jersey Attorney Prepares Business Succession Plans
Firm helps business owners tackle operational and estate planning challenges
Creating or growing a business is an imposing challenge. If you have done so successfully, you deserve to control how your ownership interest is distributed when you step away. Even if you’re not even thinking about retiring, you should prepare for the possibility that an accident, illness or financial setback may necessitate a quick transition in management and/or ownership. In the event of your untimely death, failure to develop a sound business succession plan could put your heirs in a difficult financial situation. At the Law Offices of James C. Zimmermann, we have the business acumen and estate planning knowledge to develop sound personalized strategies for New Jersey clients. Whether you intend to pass your business on to loved ones or you want to create a contingency framework by which a colleague could take over in an emergency, our firm can help.
Personalized guidance for owners looking to shift assets to family members
Many owners of privately held businesses dream of leaving a legacy for their loved ones. However, passing ownership of a company through one’s estate could leave heirs struggling with taxes. When working with clients on business succession strategies, Attorney James C. Zimmerman analyzes whether your company’s value would exceed the pertinent estate tax exemption. If there is a possibility of this happening, we can explore options such as placing the company into a trust, transferring ownership shares during your lifetime and shifting business assets to reduce the potential tax burden.
Insightful counsel to help businesses prepare for disruptive events
Responsible ownership of a business requires preparations for reasonable contingencies. Regardless of your plans for the future, you should implement a program that clearly delineates who will own and run your company if you cannot carry on your duties. In situations where ownership is shared, you might wish to execute a buy-sell agreement that gives one owner the ability to buy the other one’s stake before it is offered to outsiders. We can also list specific events that can trigger a temporary or permanent shift in operating authority.
Early attention is the key to a proper succession plan
Running a business from day to day might seem to leave little time for future planning. However, creating a succession plan is more than a business challenge, especially if you’re looking to keep things within the family. It’s important to have candid conversations well in advance of the possible turnover to determine if your chosen successor wants to assume control. Attorney James C. Zimmerman understands the challenges associated with running a small business and can help you avoid common pitfalls as you develop a comprehensive succession strategy.
Contact a New Jersey lawyer for a free consultation about business succession planning
The Law Offices of James C. Zimmermann helps New Jersey clients develop effective business succession plans. If you’re looking to create a solid foundation for your company’s future, please call 973-764-1633 or contact us online. Our offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.