Planning the Next Step for a Family Business
Owning a family business brings with it a responsibility to determine what will happen to that business when the owner retires or is unable to manage the business because of disability or death.
At the Houston law firm of Robert M. Mendell, Attorney at Law, P.C., we work with family businesses, helping them design succession plans based on the objectives and goals of the business. Succession planning is an essential element of estate planning when a family-owned business is involved.
Succession Planning Requires an Understanding of the Business
The law firm of Robert M. Mendell, Attorney at Law, P.C. has substantial expertise in business entity structuring, business financial reporting, federal and Texas business taxation, U.S. estate tax and gift tax reduction techniques, and sales of company businesses. Our firm's attorney, Robert M. Mendell, has more than 30 years of experience, is also a Texas CPA, and is Board Certified in Tax Law by the Texas Board of Legal Specialization. When developing an owner's succession plan, it is important to retain an attorney who can understand the business and has the experience and expertise necessary to evaluate and advise across the various multiple disciplines involved, such as legal, accounting and tax.
- Succession planning is different for each business. The succession plan needs to be based on the specific objectives and opportunities of each particular business.
- The business succession plan may be a part of a family limited partnership or the establishment of other entities.
- Proper succession planning will determine the management and ownership of the business at one or more succession events.
- Succession planning may reveal more options. For example, the business might be sold to a third party outright, or it may be sold with certain assets retained by the family — real estate, intellectual property, equipment — and then leased back to the business.
Particularly when a business is family owned, it is important to preserve current and future stability by having a well-thought-out succession plan. Robert M. Mendell has substantial experience and expertise in developing and implementing succession plans. Contact our office by e-mail or by calling 713-888-0700 to talk with an experienced business and succession planning lawyer.