Family Businesses And Farm Succession Planning

A family business may be the most important asset you own. Unfortunately, many businesses fail when ownership passes from one generation to the next. To protect your legacy, it's important to have a succession plan in place.

The estate-planning law firm of Chandler and Brown, Ltd., helps families prepare for the next generation of ownership of all types of family businesses, including family farms. Our law office is in St. Paul, and our lawyers serve small- and family-business owners in Minnesota and Wisconsin. Call us at 651-964-6087 for a free initial consultation.

Helping Your Business Thrive For Generations To Come

A family business can provide both an income and occupation for future generations of your family. Making the right decisions now can minimize disputes and help your business not only survive, but thrive.

Here are examples of questions your business succession plan should answer:

  • Have you established the proper business entity for your business to facilitate a transfer of ownership?
  • Who will run the business?
  • How will decisions be made?
  • Will all children share in the profits of a business?
  • How can you protect the business from issues such as divorce or personal bankruptcy?
  • Will children need a prenuptial or postnuptial agreement before transfer of ownership?
  • How will you minimize the tax consequences of transferring the business?

Any business succession plan is closely tied to your personal estate plan and it is important to work with an attorney who understand both and how they work together to accomplish the same goals.

Schedule A Free Consultation About Business Succession Planning

To discuss succession planning for a family business with an attorney at our law firm, call us at 651-964-6087. You can also reach our office online.