Do you have a great idea? Are you going to start a new business? Or, are you already doing business but find yourself “winging it” when it comes to things like contracts, leases, company documents, partnership agreements, managing risk and liability, etc.? We can help with steering your business in the right direction. The entrepreneurial and corporate law professionals at the law firm of Golightly Mulligan & Morgan can handle your legal needs to get your business off the ground so you can focus on what is most important to you – your business.
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There are more than 10 million small business owners in America. In fact, one-third of the Fortune 500 companies are family-owned or family-controlled. However, a surprising 70% of family-owned businesses do not survive the transition from the founder to the second generation. This failure is usually the direct result of the family having failed to create a coordinated business succession plan.
The owner of a closely held, family business will have many (or all) of the following objectives: retaining control of the business, retaining income to maintain the standard of living for the business owner and spouse, achieving estate planning objectives, providing for the continuity of the business, concern for employees of the business and for the community in which the business is located, and reducing taxes and administration expenses.
There are several options available to the family business owner including a sale of assets, a sale of stock, a sale to an Employee Stock Ownership Plan (ESOP), a sale to employees, and a sale to children. All of these involve both tax and non-tax issues, and failing to develop a succession plan can result in the liquidation of the business, including bankruptcy.
Golightly Mulligan & Morgan is uniquely qualified to assist the family business in developing a business succession plan that will successfully carry out the family’s tax and non-tax objectives.
If you are reading this, you are a businessperson. Leave the legal work up to us. Call us at 804-658-3873 or email us (firstname.lastname@example.org) to get started today!