Estate planning: Business succession in New York

by | Nov 14, 2014 | Estate Planning |

While proper estate planning can help all New York residents trying to get their affairs in order, those who own their own businesses can face a particular set of challenges requiring special planning. Many times, it is those who start out as employees at larger corporations who decide to branch out and try their hands at running a business. These individuals often do not have the luxury of dedicated legal teams, but that doesn’t mean that they should be left handling their business succession planning on their own.

At Weinstein & Randisi, we understand the value of your business and work to ensure that how your business is transferred and who it is transferred to is in the best interests of your company. An exit plan is a crucial part of any business, and we can help you understand why an exit plan is needed and what your options are.

While many business owners plan on handing the company over to the next generation, third-party sales and mergers are also possible options. These transactions come with their own set of challenges, however, and current owners should understand all of the legal implications before going forward with the sale.

Your business succession planning needs are as unique as your business. Our attorneys work with you to determine the best exit plan for your needs and desires based on your business’ monetary value and what legacy you wish to leave behind. No matter where you are in your business or your estate planning process, discussing with an attorney what will happen to your company after your passing is the first step to creating your exit strategy.