By Joseph "AJ" Yolofsky

Welcome to our deep dive into the fascinating world of business succession planning! As an estate planning attorney, you might be surprised to discover that many of the skills and strategies you already use can seamlessly transition into this vital area. Small businesses are the backbone of the US economy, accounting for 46 percent of the private sector workforce and contributing 43.5 percent of the gross domestic product. Given their importance, ensuring these businesses thrive beyond their current ownership is crucial.

By Ryan Snow, JD

Effective estate planning often involves planning for the succession and transfer of a client’s business operations and business assets. Business planning becomes critically important when a large portion of the value of the client’s estate is derived from their ownership of a business. Estate planners may need to consider whether a transfer of a business interest is permitted, if obtaining the consent of the other business owners is required, or whether there are other legal constraints or obligations related to ownership of the business and its assets.

By Donald P. DiCarlo Jr. and Matthew T. Lee

Much has been written recently about rising interest rates and the impact it can have on various wealth and tax planning strategies. For the closely held business owner who is interested in selling their business—which is often their most valuable and prized asset—it is important for advisors to understand how interest rates might affect the exit plan.