Decrease Font SizeIncrease Font Size
Home / Services / Business Succession Planning
Business Succession Planning

business_planA primary concern of business owners in all industries is the transfer of ownership or control of their business operations. Examples of such events are the company founder's death, disability, or retirement. Duba & Duba's family business experience has provided our attorneys with particular expertise in scenarios where the original founding generation generally has a goal of long-term continuity or family ownership. Several transition options can be considered, including continuing the business in its current format, selling the business outright, or dissolving the business. Succession planning requires advanced planning by an owner and the coordination of a management and operations plan with the owner's personal estate plan. The succession plan often focuses on who or which family member retains control of the decision making, who is responsible for running the business on a daily basis, how compensation is decided, and who has the authority to hire or replace personnel. Estate planning goals often include funding with insurance, the minimization of taxes, equitable overall estate distribution to children, and an orderly road map for implementation in the event of a disability, death, or retirement event.

Every business with more than one owner should have a contractual arrangement between the owners so that a deceased or retired owner will have certainty about the predetermined sale price for that owner's interest and so that a remaining or surviving owner will have similar certainty as to control of the business operations and who that surviving shareholder's future partner or co-owner may be. Duba & Duba has experience structuring business succession plans ranging from a basic format with life insurance funding a surviving shareholder purchase to sophisticated transfer plans that include option to purchase agreements, shareholder voting agreements, creation of voting and non-voting shares of stock, and various valuation formula techniques. Documentation of these business issues is a common task our firm recommends and regularly completes for its varied client base.

slogan_int

 

For More Information

Recent News

Vacation Home Ground Rules

The West Michigan region is the home of countless vacation homes, family cottages, cabins and lakeshore retreats beginning in New Buffalo and continuing all the way to the Mackinac Bridge ...

» More News

Representative Successes

    • Secured collection for client on a construction lien litigation claim relative to a significant hotel and condominium development in downtown Detroit.
    • Successfully represented national electrical supplier in connection with pursuing construction lien claim.

    Contact Us

    footer_contact

    The Exhibitors Building
    220 Lyon Street NW, Suite 530
    Grand Rapids, Michigan 49503
    telephone: (616) 458-3200
    fax: (616) 458-3203 
    email: info@dubalaw.com

    Duba & Duba, PLLC  |  220 Lyon Street NW, Suite 530  Grand Rapids, Michigan 49503  |  phone: (616) 458-3200  |  fax: (616) 458-3203  |  e-mail: info@dubalaw.com

    ©2014 Duba & Duba, PLLC
    Disclaimer
    Attorney Website by The Modern Firm