Adept Guidance Through a Family Business’s Transitions

Any family-owned business stands on two pillars — the business and the family. Both pillars must remain strong while planning when and how control over the company will transfer to a successor. The assistance of a skilled family business law firm can prove invaluable when planning and mobilizing a succession strategy.

Our team of attorneys is here to stabilize the business during these transitions. We can align your succession plan with your long-term goals, even as the dynamics of the board and executive team evolve. By strengthening the business pillar, we create stability for the family to manage the transition and interpersonal factors. Discover how our firm’s services can facilitate smoother transitions and contribute to your business’s long-term prosperity.

Succession Planning for Family Businesses

The attorneys at MPL Law serve family-owned businesses through succession planning and implementation. Our professionals have the experience to manage the complex legal processes involved in business transitions. We apply our knowledge to the family business to promote strategic coordination between outgoing and incoming generations.

Our family business law team can support your business and family by managing various legal processes, including but not limited to:

• Securing releases of personal guarantees from the generation that’s selling.
• Reviewing the business’s legal structure and any changes to it.
• Establishing and managing ownership interests.
• Developing governance policies through articles of incorporation, bylaws and other governing documents.
• Negotiating revisions to contracts and loan agreements with third parties.
• Completing statements of assets and liabilities for the selling generation.
• Mitigating the tax liabilities and penalties faced by selling generations.
• Optimizing tax opportunities for purchasing generations.

Managing Legal Obstacles in Family Business Succession Planning

Family businesses often require legal support to complete official processes and resolve internal disagreements when forming and enacting a succession plan. At times like these, having at hand capable family business lawyers is critical. Our firm will stay focused on the continued strength of your enterprise, no matter the issue at hand. We offer legal support for numerous aspects of family business succession.

Estate Planning for Family Businesses

As the owner of a family-run business, your financial worth is often closely entangled with the company’s value. We offer shrewd advice to protect your interests and those of your heirs by creating appropriate strategies, such as buy-sell agreements, trusts and family-owned foundations. Our aim is to mitigate tax consequences for small business owners. We can also reduce tax consequences for estate matters related to small business ownership.

Family Business Disputes

Inter-family disagreements about how to run a family-owned business can occur. When they do, our dispute lawyers can step in to mediate conflicts, offering an external legal perspective that can prove invaluable due to shared family history and high emotion.

Family Business Ownership and Governance

Governance — the rules for decision-making in a family business — can be a contentious matter among stakeholders. Using our vast experience in dealing with complex ownership situations, our family business attorneys can provide solutions that placate all parties, guiding them through different plans that cater to the most challenging governance complications.

Why Trust MPL Law Firm?

As a reputed family business law firm operating in Pennsylvania, we serve central and southern PA, including Lancaster, Reading and Harrisburg. We are recognized for our ability to build close relationships with our clients, and understanding your objectives to chart the best course of action is our priority. We follow a transparent approach, offering honest legal advice and setting realistic expectations.

Schedule a Consultation for Business Succession Planning

Our role is not merely that of family business law advisors but partners who devise, execute and manage the best legal strategies suited to your family’s business needs. Get in touch with us online today or call us at 717-845-1524 to schedule a consultation.