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At Legal Origins, we understand that closely held businesses require a comprehensive approach, one which accounts for all of the dynamics of the business as well as management’s unique cost-benefit perspective.
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Regarding business succession, we work closely with our clients to develop and implement creative solutions to achieve specific and tailored business succession goals, whether they are effecting a transition of leadership, addressing senior generation income needs, providing family continuity within the business, minimizing transfer taxes or a combination of these. Contact us today to find out how our attorneys can help secure the future of your business.[/fusion_text][/two_third][one_third last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][imageframe lightbox=”yes” gallery_id=”” lightbox_image=”” style_type=”none” hover_type=”zoomin” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”fade” animation_direction=”down” animation_speed=”1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] [/imageframe][/one_third][/fullwidth][fullwidth background_color=”” background_image=”https://legalorigins.com/wp-content/uploads/2016/01/331.jpg” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”center center” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”solid” padding_top=”50px” padding_bottom=”50px” padding_left=”0px” padding_right=”0px” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][one_fourth last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”right center” hover_type=”none” link=”” border_position=”right” border_size=”3px” border_color=”#ffffff” border_style=”solid” padding=”” margin_top=”25px” margin_bottom=”25px” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_text]
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(1) Mixing your family finances with the business’s finances. Many small family owned businesses routinely make this mistake that could give rise to costly liability down the road. (2) No employment agreements. It may seem awkward to discuss an employment agreement with a close family member, but it will be exponentially more awkward if something goes wrong. (3) No succession plan. In a recently conducted study, 75% of small business owners said they do not have a succession plan in place.
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