PASSING ON A BUSINESS IN NJ – HOW TO DO PROPER BUSINESS SUCCESSION PLANNING

HNW Business Law

By Fredrick P. Niemann, Esq. a New Jersey Passing on a Business and Business Succession Attorney When the owner of a business is looking to delegate control of it to others, then he will have to conduct succession planning to make sure that the transfer of power goes through as smoothly as possible.  In addition to the business side of things, this also includes legal and financial planning.  Doing this work upfront will save you plenty of money in taxes and legal headaches.  A large portion of the profits will be collected in the form of estate taxes, so planning for this is crucial to make sure that the business will have enough capital to be sustainable during the transition …

PASSING ON YOUR BUSINESS REQUIRES PRE-PLANNING

HNW Business Law

By Fredrick P. Niemann, Esq. a Passing on your Business in New Jersey Lawyer Own a business?  Thinking of your future plans for your business?  Your goals, your family’s goals, and your company’s goals must all be considered in a successful business succession plan.  Important issues need to be addressed in each phase of planning Here are some Family Dynamics and Relationships: I s conflict within the family affecting the business? Are some family members active in the family business and some not? Does this create the conflict? Can family members pursue their own goals within the current structure of the family business? Perhaps a change of structure is in order. Ownership Transformations: As the owner, what is your role …