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Business Succession:

"The Final Test of Greatness"

(title adapted from the 2011 book by Craig E. Aronoff, Stephen L. McClure, John L. Ward)

"The final test of greatness   in a CEO is how well he chooses a successor and whether he can step aside and let his successor run     the company." 

- Peter Drucker

For most family and closely held businesses, succession planning is       the toughest and most critical challenge they face.

Successfully Exiting From the Business Partnership

  • Planning and Budgeting for Seamless Business Succession

  • Reviewing and Creating Appropriate Legal Documents to Avoid Future "Unintended Partnerships" with Partners' Spouses or Children

  • Exploring Future Options: Whether to Prepare the Business for Outright Sale, Sale to Partners, Form ESOP, etc.

  • Understanding Capital Costs and Tax Implications of Different Options

  • Selecting Future Leadership, Designing Development Plans, and Mentoring

  • Mediating Partner Disagreements and Leveraging Differences
  • Structuring Exit Plans and Agreements

"To sell or not to sell, that is the question..."

Successfully Passing on the Family Business

  • Planning and Budgeting for Seamless Family Business Succession

  • Exploring Options: Should You Prepare the Business for Outright Sale, Sale to Successors, Pass it on to Successors, Form an E.S.O.P., etc.?

  • Understanding Capital Costs, Tax Implications of Different Options, and Their Interface With Estate Planning

  • Selecting Future Leadership, Designing Development Plans, and Mentoring

  • Balancing Fairness and Equality in Family Business Succession

  • Defining the Roles of Key Employees and other Non-Family Stakeholders in Succession 

  • Mediating Inter-generational Disagreements and Harmonizing Differences

  • Changing Roles at Succession:  The Founder’s Challenging Task

  • What Legacy Do You Want Your Family Business to Create?

  • Assisting Heirs to Manage Wealth Successfully

  • Reviewing and Creating Appropriate Legal Documents