Family-owned businesses involve unique dynamics and issues, as well as the challenges all businesses face. In family-owned companies, business decisions can affect family relations, and vice versa. Cook, Little, Rosenblatt & Manson understands the importance of developing a coherent business strategy that is guided by business objectives and respectful of family relationships.
The owner of a family-owned business must plan carefully so the business prospers even when family dynamics threaten to interfere. In addition, we work with family-owned businesses to create and execute a business succession plan that minimizes the impact on the business of the transfer of control to the next generation. We also coordinate with other professional advisors, such as estate planning attorneys, accountants, and consultants to create a comprehensive and effective plan that satisfies the variety of family and business goals. We understand that estate planning matters, tax considerations, and other issues are all an essential part of a successful business succession plan.
We have considerable experience in counseling family businesses on all these matters, and more. A few recent examples of services we have provided include:
- Assisted multi-generation family business owners in devising and implementing an organizational and ownership succession plan that ensured continuity and resolved estate tax issues
- Coordinated restructuring of a large family-owned business — working with owners, executives, management consultants and compensation consultants — to make company decision-making smoother and giving owners greater autonomy from the business
- Assisted a family-owned manufacturer with corporate structuring for a new line of business, and with related estate planning matters
- Helped a client engaged in a high-risk business “sleep better at night” by identifying and reducing exposure to potential liability, and designing a risk management and crisis response program
- Developed a plan giving key employees of a closely held company the potential to receive compensation corresponding to an equity interest if the company were sold