Prudent, privately-held businesses plan ahead. This is why principal owners regularly seek our counsel to review and plan how they intend to transfer their ownership interests and how management is to evolve. Family-owned and other closely-held enterprises especially value our careful attention to avoid unintended results, such as a forced sale of the business which might otherwise become necessary to meet estate tax liabilities or ownership by unprepared family members. Our attorneys strive to ensure the success and growth of the business as it passes between generations of ownership.
We also recognize that succession planning is often intertwined with personal estate planning. Our business and estate planning lawyers and trustees work together to help you develop a comprehensive plan to shape your legacy.
- A multigenerational family who owns a $200 million technology company, needed help planning for the future of the family company while preserving its privacy. Our attorneys formed a holding company that permits multigenerational ownership while maintaining the family's control of the existing enterprise and creating the structure and vehicle for family governance, education, venture investments and philanthropic efforts.
- The senior founder of a successful family owned business and the next generation turned to Hemenway & Barnes to help them with succession planning. We were able to negotiate and document the buyout of the senior founder by the next generation in a complex, long-term purchase involving business and real estate assets. Our lawyers continue to advise the next generation as they plan for the future.
- We frequently counsel families on multigeneration shareholder agreements and governance principles.
- We successfully negotiated the buyout of our client by her sister who was co-owner of a multi-generational family business.
Learn more about how Hemenway & Barnes can help you plan for the optimal succession of your business and establish your legacy.