Hinkle Law Firm LLC – Clearing the Way for (Family) Business
Possibly the most important business decision you will ever make. And almost certainly the toughest.
For a family business, exiting, selling, or transitioning to the next generation is a once-in-a-lifetime decision. Perhaps no challenge has as much potential to intensify the special stresses—or, conversely, highlight the special advantages—of operating a family business.
As reluctant as many families may be to tackle the issue, the health and longevity of a family business depend on careful transition planning— only about 30 percent of family businesses survive into a second generation and only about 13 percent make it into the third generation.
Planning now for the future will increase the likelihood that your business will endure well beyond the leadership transition, delivering lasting value to your family.
Our dedicated team helps family business owners develop and execute each step in their plan, so that the whole process runs as smoothly and efficiently as possible. Particularly, we are skilled to offer help in the following areas:
Family Business Planning –
How to organize your company to ensure its long term growth and success
- Choice of entity planning
- Tax planning with business entities
- Tax basis planning
- 199A deductions
Family Office Support –
Running a business is hard. Long hours run into family time. When your business is a family business, the work never stops. Let us help you by taking on tasks so you can use your time to focus on growth and strategy.
- Preparing, reviewing, or amending contracts, agreements, deeds
- Accounting and tax support
- Litigation support
- Pension value opinions
- Family business maintenance
- Annual meeting support
- Entity management
Succession Planning –
Once you have a successful business, chances are you’ll want to keep it in the family for generations to come. Let us help you develop a plan to transition your hard earned success.
- Equity Agreements –
- Rules of ownership
- Buy/sell agreements
- Stock purchase agreements & redemptions
- Providing for family members inside and outside of the business
- Liquidity planning
- Equity Agreements –
Exit Planning –
Exit planning is one area where your leverage tends to diminish with time. The decisions you make will affect the future of your business, customers, employees—and, most importantly, yourself and your family. Therefore it is often wise to solidify a business exit plan sooner, rather than later.
- Tax planning
- Maximize value
- Create transition bridge
No matter what stage of the family business you are in, we invite you to contact us and learn how we can help you plan, thrive, and transition successfully.
See some of our success stories, here.
Read about Family Business Succession Planning in our blog post, here, to see if this type of planning can benefit you. Then call the Estate Planning Group at Hinkle Law Firm LLC at 316.631.3131 to schedule a review.