According to the National Association of Corporate Directors, fewer than 25% of private companies say they have a formal succession plan in place. If you are one of these companies, then you should consider planning for leadership succession as early as possible, especially in the context of an overall estate plan.
The benefits of developing a business succession plan are significant. Doing so can help you:
- Survive an unforeseen event, such as an unexpected illness or death
- Think long term about the future of your business rather than just focus on quarterly earnings
- Foster intra-company communication and collaboration
- Motivate your staff as they will know that the company is planning for the future and is committed to developing employees for future leadership positions
- Reduce expensive costs by not having to recruit qualified individuals to fill unanticipated vacancies
Cummings & Lockwood’s attorneys have extensive experience in the creation of succession planning strategies for owners of privately-held businesses, many on the cusp of a generational change. Our clients include traditional operating businesses, entrepreneurial enterprises, family investment partnerships and large family foundations.
Our trusts and estates and corporate attorneys can help with:
- Developing tax-efficient strategies for transferring ownership and control through family generations
- Planning for the harmonious transition of the business either during the owner’s lifetime or at death
- Assisting clients in the sale of an operating business and/or the conversion of an operating business into an investment-oriented family venture
ABOUT CUMMINGS & LOCKWOOD LLC
Founded in 1909, Cummings & Lockwood provides sophisticated legal counsel to individuals and families, family offices, closely held businesses, other commercial enterprises and charitable entities. Our core services include trusts and estates, corporate and finance, litigation and arbitration, and commercial and residential real estate.
The firm has over 200 attorneys, fiduciary accountants, paralegals and staff, as well as six offices located in Stamford, Greenwich and West Hartford, Connecticut and in Naples, Bonita Springs and Palm Beach Gardens, Florida.
ABOUT THE PRIVATE CLIENTS GROUP
For over 100 years, Cummings & Lockwood has been building meaningful and lasting relationships with our private clients, serving as trusted advisors throughout their lifetimes and providing sophisticated legal counsel at every important stage of their lives.
We offer our clients a broad range of services, including estate planning and administration; estate, income and gift tax planning; wealth protection planning; trust formation and management; philanthropic giving; probate and estate settlement; international estate and tax planning; executor and trustee services; business succession planning; fiduciary and probate litigation; and tax controversy and litigation.
For more information about Cummings & Lockwood, please visit our website at www. cl-law.com.
