Failing to plan can be planning to fail, especially in a closely held business.
Owners of closely-held businesses often focus all attention on the operation of the business, leaving for another day any thought of long-term planning. If the owners’ goal is for the business to thrive for future generations, success is most likely if the planning starts early. Even when the plan is sale of 100% of the business, the owners and their families are best served by careful consideration of available business structures and control over unplanned ownership changes—well in advance of any transaction.
Culhane Meadows attorneys provide practical advice on the business, tax, asset protection, management development and wealth preservation aspects of planning for closely-held companies. Our attorneys have worked with numerous business owners of both large and small firms and understand the nuances of the control, compensation, tax, liquidity, transfer and family dynamics questions that can come into play. Several of our clients are in the second and third generations of ownership, continuing to grow under the younger generation’s leadership. We work closely with our partners in other practice areas to ensure that our clients receive comprehensive advice, especially in situations in which there is no clear “good answer.”
Business succession issues are in many ways similar across a wide spectrum of industries. But every business is unique, and the ability of Culhane Meadows attorneys to bring both practical business acumen