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 We Serve
Our Business Law attorneys work throughout New York State to provide a wide range of legal services to businesses. With offices in Albany, NY and Saratoga Springs, NY, our location allows our attorneys easy access to all areas of the state.
From Albany, NY to Buffalo, NY to New York City, our lawyers will help you achieve your business goals.
To learn more about our legal services in your area, visit our location page.
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Corporate filings and lease negotiations with Bob Koshgarian and his professional team was first class. Bob was timely in all matters which enabled deals to get done quickly.
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O’Connell and Aronowitz guided me through all legal aspects of organizing a PLLC and navigating complicated health care and HIPAA laws. I thank them for their guidance and interest in seeing me succeed.
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O’Connell & Aronowitz has the absolute best team in the Capital Region and beyond.They make the process seamless. They are the best legal help, hands down.