At some time, most family business owners need to think about business succession, whether that is a sale to a third party, a sale to key employees or a transition to the next generation family members. Media reports suggest there is a large number of family businesses that will need to transition over the next 10 years. Siskinds will assist the business owner, working closely with his or her financial and accounting advisors, to proactively consider the planning necessary to transition the business in the most advantageous manner, including:
- preparing the business for a potential sale or transfer;
- considering whether it is appropriate to transition the business to key employees or next generation family members;
- working with the accounting advisors to implement any appropriate re-organization steps to address both business issues and tax planning considerations; and
- ultimately assisting the business owner with completing the legal steps necessary to implement the sale or transfer.