Succession Planning for Business Owners

Thomas J. Hall, Partner, Tuesley Hall Konopa, LLP, South Bend, INClosely held, family owned business owners must, at some point, deal with ownership and asset succession issues. Avoiding this issue results in succession that is always less advantageous to business owners and heirs. At Tuesley Hall Konopa we understand that it is as much about the people as are the steps necessary to create a smooth transition of business ownership.

A cornerstone of Tuesley Hall Konopa’s practice is helping clients protect and preserve the assets of business owners. Succession planning is a process that involves:

  • determining a successor
  • determining the value of the business
  • determining what your needs will be in retirement
  • selecting a team of advisors to facilitate a smooth transition for ownership and continued operation
  • minimizing tax consequences
  • continuous monitoring

Through our multi-disciplinary team of professionals, we are able to leverage the depth of our business practice, tax expertise and estate planning experience to provide a wide range of succession planning services that include the preparation and implementation of business succession plans, wills, revocable trusts and medical and other powers of attorney.

Succession planning requires a well thought out exit strategy, implementation, and continual monitoring. We can help you achieve an exit plan that optimizes the value you will realize from your business and preserves it for you and your family. We also work closely with our clients’ other tax advisors in the preparation and filing of federal and state tax returns and related documents.

Contact Tuesley Hall Konopa for an initial consultation to discuss how we can help you with a succession plan for your business.

Tuesley Hall Konopa, LLP is a member firm of Lawpact, an international association of independent business law firms. Good to Know legal newsletter for business owners and individuals from Tuesley Hall Konopa, LLP, South Bend, IN