Developing A Succession Plan for New Jersey Family Businesses

New Jersey is home to many successful family run businesses. Unfortunately, many family businesses struggle as the founding generation retire or unexpectedly leave due to death or illness. For this reason, it is important for family businesses to create business succession plans through appropriate legal documents. A properly structured plan will address ownership and management transition, retirement, estate taxes, liquidity and the continued success of the business and family. An understanding of these issues along with considerations regarding the choice of entity, corporate formalities and potential legal and contractual obligations when a change of control occurs are necessary to successfully guide your New Jersey clients through a transition.

Join Riker Danzig attorneys Jason Navarino and Stephen Pagano as they explore all of these issues and identify how to develop an effective succession plan for New Jersey family businesses.

Learning Objectives:

1. Review the different choices of entity and corporate and tax concerns with each regarding succession
2. Recognize that estate planning is a key focus in any succession plan
3. Identify different strategies for accomplishing a client's succession plan