- Gaudaen Offered Shareholder Status May 24, 2021
- Umphrey to Speak at 61st Annual Probate & Estate Planning Institute May 19, 2021
- Filipp to Speak at MICPA Virtual Conference May 5, 2021
- Martella is a Subject Matter Expert in Upcoming Webinar Series April 20, 2021
- Morgan D. Schut is Recipient of 2021 Golden Gavel Award February 18, 2021
New partners plan for the future
Even before they opened the door for their first customer, partners in a new business came to us to help them develop an exit plan. Because one partner wanted to retire in a decade or so and the younger partner had many more years to work, they could already see a time of transition on the horizon. We helped them develop a strategy that assures the younger partner that she can continue in the business while at the same time compensating the retiring partner for his efforts to build the business and provide him an income stream. Having an exit plan provides a firm foundation for this new business and prevents any crippling misunderstandings that could undermine its future stability.
Passing on the family restaurant
The tradition of passing on a family restaurant from one generation to the next might sound like a relatively simple transaction, but all too often there is tension and family feuds threaten the life of the business. An exit plan can mitigate much of the tension and promise an easier transfer, plus ensure the continuity of the business.