Closely Held Businesses

Business Succession Planning for Closely Held Businesses

A family-owned business, often known as a closely held business, is a major, valuable asset. It can also be a significant problem if the family does not plan for passing this asset along to the next generation. At the Law Office of Curtis E. Shirley, Attorney Shirley helps families with succession planning for their closely held businesses. Learn how Mr. Shirley can help with business succession planning. Contact his Indianapolis law office today.

Business Succession Planning

Business succession planning involves a wide range of issues related to probate laws, trust laws, federal and state tax codes, income tax, estate and gift tax rules, trial rules, and the evidence laws. To be done properly, it requires a lawyer skilled in all these areas. Correct planning for the passing along of a closely held business touches on matters such as:

• Valuation of the business
• Role of "sweat equity"
• Tax planning
• Guardianship of elderly family members involved in the business
• Analyzing the business’ health and its management structure
• Evaluating whether to retain or sell the business, and, if sold, whether to sell to current non-family employees or on the open market
• Dealing with family members who are not interested in the business and developing a plan to compensate them equitably

Contact an Experienced Family Business Attorney

Mr. Shirley helps the owners of many closely held businesses avoid litigation by planning for the future. He also prevents family conflicts by addressing non-financial issues that often arise in the transfer of a substantial family asset. This combination of thorough planning and attention to emotional matters means that the family-owned, closely held business retains its value as a major asset for the younger generation. To learn how he can help with business succession planning, contact Mr. Shirley at his Indianapolis law offices today. He uses his knowledge and experience to prevent disputes and smooth the transition to the next generation.