Oram & Moss supports its clients and their families in the formation of LLCs, partnerships, and closely-held or private corporations. We focus in working with our clients to ensure their new or existing business interests fit into their overall Estate and Wealth Preservation Plan. However, the hardest part of a business plan for most clients is the Business Succession Plan. In fact, statistics show that ninety percent (90%) of U.S. businesses are family-owned or controlled by a family. That being said less than one-third of family-owned business do survive the transition to the second generation. Only fifty percent (50%) of those will successfully transfer to the third generation.
Oram and Moss attorneys work closely with clients to identify possible routes for the business owners to consider in establishing a Business Succession Plan whether it is a family business transferring to the next generation or finding key employees or junior partners who are looking to step up. As part of this process we will review corporate documentation, the structure and business plan, and real estate holdings, as well as take into consideration philosophical objectives of the family and ensure that the Business Succession Plan coordinates with the overall Estate and Wealth Preservation Plan including any insurance and liquidity concerns.
As with other aspects of our practice, Oram and Moss attorneys will work closely with the family’s advisors as well as key members of the business in coordinating the Business Succession Plan. This collaborative approach will ensure an easy and hopefully successful transition of control of the business so that our clients’ legacy will continue for generations.