Business Succession Planning Attorneys

Owning a successful business entails a lifetime of dedication and hard work and there may come a time when turning over the reins of leadership is inevitable. Done properly, succession planning allows business owners to smoothly transfer ownership and management of a company to their heirs or other successors.  For this reason it is essential to create transition and exit strategies to ensure the company will survive in the event of a key person’s sudden death, illness or retirement.

At O’Connell and Aronowitz, we work with privately held and family businesses, as well as professional service firms to establish succession plans as part of a comprehensive estate-planning strategy. We are dedicated to understanding the unique objectives of the business, the extent of other ownership interests, the insurability of the partners, and the role of family members.

Our services include preparing buy sell agreements that allow for the seamless transition of a business including cross purchase and entity purchase agreements. We are well-versed in valuation methods such as the asset, income and market approaches. By collaborating with a team of accountants and financial professionals, we ascertain fair and accurate business valuations and put the interests of our clients first.

We are keenly aware that the sudden death of an owner or partner can have an adverse impact on a small business and ensure that sufficient insurance is in place – a necessary component of a comprehensive succession plan. Ultimately, a business succession plan should be designed with an eye toward:  ensuring the long-term viability of the enterprise, as well as protecting business assets, personal assets and surviving loved ones.

Business Succession Planning in Albany

By engaging the services of O’Connell and Aronowitz and gaining access to a network of financial experts, you can design a succession plan that will avoid potential conflict and confusion among remaining owners, partners and family members. We are committed to helping clients achieve their financial goals and ensuring business continuity.

Locations

The culture of teamwork and collaboration at O’Connell and Aronowitz helps our three office locations assist clients in a myriad of legal disciplines and harness the talents of O’Connell and Aronowitz attorneys across New York State. We offer the experience, resources, and skills to help you protect your rights and your best interests.

Albany

54 State Street
Albany, NY 12207

tel: 518.462.5601
fax: 518.462.2670



Saratoga Springs

1 Court Street
Saratoga Springs, NY 12866

tel: 518.584.5205
fax: 518.584.5441