David Eastman has always believed that business planning and estate planning go hand in hand. The matter can be very simple (i.e., a simple will for a family or a sole member LLC to hold a rental property) or very complex (i.e., a family limited partnership or a purchase of a complicated business entity). While the body of law and areas of expertise can be quite different, the legal approach in relating to the client, determining the client’s need and determining and implementing a legal solution that appropriately suits a client’s needs is similar. More simply stated, David believes his greatest skill is the ability to quickly understand a client’s legal issues and efficiently provide an effective solution to it.
The area of Business Planning can be a relatively broad. Our goal is to help businesses plan for the future.
Once we understand the goals and fears of our business clients, we use a variety of business planning tools to address their goals. We help clients with a variety of business planning needs, including:
After we determine your initial business planning needs, we are available to meet with you regularly. It is important that your business plans always reflect your current situation. We will modify and amend the plans when it is necessary.
Owners of small to medium-sized businesses face unique challenges when the owner is ready to retire, becomes disabled, or dies. Some will look for ways to transfer the business to family members, others will have key employees transition into ownership, and some businesses will be sold to third party buyers.
There is no “one size fits all” solution for these business owners. But there are a number of different approaches. For example, selling the business for the highest price may not bring the owner the greatest value. Taxes, the time value of money, and other factors can make the highest bidder the least attractive solution. There are a number of effective tools and techniques that can maximize value.
One thing that does apply almost universally is that the sooner you start to plan, the better the result. We recommend a business owner start the discussion as early as ten years away from retirement, even if most of the planning and implementation may not take place until 3-5 years before the owner intends to reduce his or her role in the business.