Succession Planning and Owner Agreements
For close corporations and other closely held companies, particularly if ownership is in the hands of an older generation in a family business, the difficulties of planning for the transition of the business within a family group can be substantial. Unexpected succession issues may arise through the death or conflict amount a small group of owners. Structuring the agreements and planning for change is an increasing area of practice in recent years. The O'Dea Law Firm and the SFS Law Group group have identified the increasing need for counsel to plan and help implement succession terms and agreements as a major legal area at this time.
Many family-owned businesses operate as stable businesses under the control of founding members or second generation owners. As future generations participate in the business or the lack of family members to continue in the business raises concerns over future operations, legal conflicts can become disabling and destructive.
Managing transitions in ownership, governance and business goals requires sound legal analysis and structures.