Every family business needs a plan. Our firm works with entrepreneurs to understand the nature of their business, and that understanding become crucial in advising our clients about selecting the right business form for them. Our attorneys also help with the formation of the legal entity that will hold the business, and with meeting the annual requirements necessary to keep the business in good standing.
The choice of advisors to run the business is critical. A number of our attorneys have served as board members for a variety of businesses, and we use that experience when advising clients on their options for selecting a board to run their family business.
It is often necessary for a business to raise money to expand operations, to pay for inventory, to manage the business cycle, to relocate their physical plant, or for a number of other sound business reasons. Our experienced commercial finance and corporate attorneys can help explore financing options, from sophisticated stock pledges and other commercial transactions to simple unsecured family loans.
Managing employees can be difficult for any business, but can be particularly challenging when the employer and employee are family. Our firm’s employment and business attorneys use their experience to help our clients in anticipating and avoiding common employee problems. We also can help resolve problems after they do arise, while being mindful of the family relationships involved.
There are a number of options available for any business to compensate the owners and employees. Family members are often more willing to consider the long-term success of the business when structuring their compensation arrangements. Our firm frequently advises family-owned businesses on the options that make sense, and we can help implement a compensation system that balances short-term needs with long-term goals.
After the entrepreneurs have established their business, they often seek our advice on integrating their children into the company. Our attorneys are experienced advisors in regard to the issues that arise when preparing the next generation for potential management and ownership roles. We can assist the first generation entrepreneurs with these issues, while being sensitive to the needs of the business and its other employees.
At some point in each successful family business, the founding generation begins to transition management and ownership of the business to the next generation. This transition has important financial and tax consequences to the each generation of owners and to the business. Our firm provides sophisticated financial and tax advice to our clients on such transition issues. We help our clients to prepare a thoughtful plan so that the transition’s economics and related taxes are acceptable to each generation, and ensure the future viability of the business.