It is rare for an independently owned business to outlive its founders. According to The Family Business Institute, only 30 percent of such businesses survive a change in ownership; less than 10 percent will continue through a subsequent change-of-hands. Much of this failure can be traced directly to owners' lack of planning for succession. Just as it is important for an individual to establish wills and trusts to protect family members, business proprietors must prepare succession strategies when retirement is on the horizon.
Jerry is prepared to help you plan your business' future. He has nearly 40 years' experience assisting individuals in Westchester, Culver City, Marina del Rey and throughout Los Angeles with their business transactions. He has been integral in the formation and succession of numerous companies, and works rigorously to guide his clients around the common pitfalls that can render businesses unstable.
There are a number of complications to navigate when planning your business's succession. Disputes might arise between management and shareholders concerning the company's direction. You may need to negotiate complex buy-sell agreements. Your tax burden must be considered. If you plan to pass your business on to a family member, there will likely be issues regarding inheritance and retirement funds.
Mr. Smith offers comprehensive counsel in these and related matters. In addition to business law, he has developed a robust practice in estate planning. In this capacity, he has provided legal assistance to individuals throughout Los Angeles as they endeavor to keep their families secure in the short- and long-term. His experience in this realm bolsters his ability to help clients develop their business succession plans - as a lawyer, he is committed to steering his clients toward the futures they envision for themselves and their companies.