Invariably, every owner that starts a business eventually leaves the business in some fashion. Aside from death, a retirement from business can arise from a variety of reasons, including a sale or gift of the family business to the next generation, an outright sale of the company to a third party, or simply winding-down and terminating the entity. Should you start thinking about the end of your life as a business owner, Northstar Law Group, P.S. can help you plan for the future and guide you through the process of making that transition to ensure that all of the strings are tied up.
You’ve built the family business and want to leave a legacy to future generations by passing it to your children and grandchildren. The attorneys of NorthStar Law Group, P.S. have facilitated a number of succession plans to accomplish the founder’s goals either through initiating estate and gifting plans for tax-free or tax-deferred savings or through outright sales to family members effectively. We have also implemented management structures and systems within family businesses to resolve potential disputes between members to maintain family harmony. Trust us to help keep your core values intact once you pass your successful business to the next generation.
Rather than leave the business to your family, you may decide to sell your company to an outside party. When that time comes, NorthStar Law Group, P.S., can help make that transaction come together by developing a tax-advantaged plan to maximize your value and draft the documents necessary to close the deal.
Sometimes, things don’t go according to plan which may require a business owner to close their doors permanently. Should that happen, we at NorthStar Law Group, P.S. can assist you with the legal and regulatory requirements for dissolving your entity and help settle creditor claims to allow you to make a clean break from your business.