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Business Succession Planning for High-Net-Worth Individuals in MA

At Surprenant & Beneski, P.C., our attorneys have an in-depth understanding of the challenges faced by high-net-worth individuals when it comes to business succession planning. We are eager to assist you, as we do our other high-net-worth clients throughout Southeastern Massachusetts, in protecting your assets, ensuring the longevity of your business, and securing your family’s future. 

Essentials of Business Succession Planning for Those With High-Net-Worth

Business succession planning involves preparing for the future transfer of ownership and management of your business. Handling this process smoothly and putting your company in competent hands will go a long way to keeping your business thriving and protecting your financial legacy. Effective succession planning is crucial for minimizing taxes, providing for heirs, and maintaining your business’s ongoing value.

Planning To Keep Your Business Successful Through Transition

Our legal team is well-positioned to help you keep your business flourishing through the complicated process of business succession by assisting you in:

Establishing Clear Goals

By paying close attention to your input, we will pinpoint your long-term objectives, both for your business and your family. Whether you intend to pass the business to family members, sell to a third party, or establish a management team, clarifying your goals will aid us in developing the appropriate succession strategy.

Obtaining an Accurate Valuation of the Business

Understanding the true value of your business is crucial in order to correctly plan your taxes and determine how best to transfer ownership so we will see to it that all aspects of your company are assessed properly by financial experts, including:

  • Real estate
  • Equipment and vehicles
  • Patents
  • Brand
  • Earning and profitability
  • Market conditions
  • Customer base
  • Outstanding debts and liabilities

Structuring or Restructuring Your Business Legally and Financially

Our experienced attorneys will collaborate with financial advisors to structure your business in a way that maximizes tax efficiencies and aligns with your succession goals. This may involve reorganizing business entities, creating trusts, or implementing buy-sell agreements.

Developing a Management Transition Plan

We will help you Identify potential successors and create a plan for transferring management responsibilities by training and mentoring future leaders.

Integrating Your Business Succession Plan With Your Estate Plan

We have the skill set to make certain that your plans for business transition align with your overall financial goals and your family’s needs.

Problem Solving in Business Succession Planning

High-net-worth individuals may face unique complications in succession planning due to tax implications, family entanglements, and the need to maintain profitability. To address these challenges, and maintain your business’s stability, we will:

  • Help you implement productive tax strategies (e.g. trusts, gifting). 
  • Address family dynamics to avoid potential conflicts by clearly communicating your succession plan to family members and involving them in the process. 
  • Prepare for the unexpected by establishing contingency plans for death or incapacity.

The Takeaway 

Surprenant & Beneski is well up to the challenge of helping Southeastern Massachusetts and Cape Cod high-net-worth business owners plan for smooth and effective business succession. Like you, we are focused on how best to keep your company energized and profitable as it moves into the future. Contact us now to discuss how we can help you create a plan to safeguard your business, provide for your family, and protect your legacy.