Family Business Transactions & Succession
Family-owned businesses play a critical role in the economy. Many of the country’s most successful companies have deep family roots and require sound legal counsel to help with fair and reasoned decision-making. MPL Law focuses on family business transactions and succession planning, offering counsel that considers the unique dynamics of a family business and advising on issues including estate planning and business disputes.
Family-owned businesses require support as they grow and develop, and keeping an emphasis on stability is critical during periods of succession. We want to help your business remain successful and assist with your organization’s long-term goals, even as the makeup of your board or executive suite evolves. Smoothing these transitions can mean the difference between a successful and a rocky period. If you need a family-owned business transaction and succession lawyer in Pennsylvania, see how we can assist you.
Common Family Business Legal Needs
Family business needs can include a wide range of legal support. For example, members of your family may not always agree on the most prudent decisions, and sometimes you need to plan well ahead for matters of estate and succession planning. The continued strength and security of your business will remain our focus no matter your needs. Here are some of the most common areas where we can offer assistance.
Succession Planning for Family Businesses
Planning for the next generation of leadership demands coordination between the selling and purchasing generations. During business succession planning, we can aid you in:
- Securing releases of personal guarantees from the generation that’s selling.
- Bridging personal relationships from one generation to the next.
- Decreasing the tax penalties faced by selling generations.
- Optimizing tax opportunities for purchasing generations.
Estate Planning for Family Businesses
When you own a family business, your tangible net worth is often inextricably tied to your company. We can help protect your interests and those of your heirs by instituting planning strategies that will benefit your family, such as creating:
We can also decrease tax consequences for estate matters related to small business owners.
Family Business Disputes
Families may not always agree on the best way to run the business. When disputes occur, our family business lawyers in PA can step in to help mediate disagreements. They have experience assisting two sides with seeing each other’s points while pushing them toward solutions everyone can agree on. Family matters can be incredibly emotional because of the participants’ shared history — having an outside legal perspective can prove invaluable.
Dispute resolution can also uncover the heart of the issue. We identify the root of the conflict and find ways to work around it while healing familial fissures.
Family Business Ownership and Governance
Governance covers the decision-making policies for a family-owned business to achieve the goals and mission laid out by the family. Sometimes families may disagree over who is authorized to make decisions and what to do when family members disagree.
Our past experience dealing with such issues, including complex ownership situations, allows us to offer solutions that will suit all parties. We can guide parties through plans for different situations that address even the most challenging governance issues.
Serving Harrisburg, Philadelphia, Baltimore and All Areas Between
Our family business transition attorneys in Pennsylvania serve central and southern PA, including Lancaster, Reading and Harrisburg. We have become known throughout the area for our ability to connect with and listen to clients, learning what you want to achieve and finding the best path to make it happen. We offer honest legal advice and always set realistic expectations. We won’t promise anything we can’t deliver.
Our clients appreciate our forward-thinking approach and close relationships with our clients, which are especially beneficial when practicing family business law.
Get in touch with us online today or call us at 717-845-1524 to schedule a consultation.