Business Succession in Pittsburgh PA
At Minto Law Group, LLC the concepts of business succession planning are considered in light of the everyday business, economic and family realities in order to create strategies that allow family and business wealth to pass as smoothly as is practical to the succeeding generations. There is no cookie cutter approach. Every business succession client brings its own set of unique problems and opportunities that can only be dealt with effectively by hitting head-on, in a no-nonsense manner, the facts and issues that will impede a successful business transition.
Over eighty percent of family owned businesses simply do not make it to the second generation. This high failure rate is attributed almost entirely to a lack of planning. Often, when planning is undertaken, difficult family issues are glossed over and left unresolved. Generally planners (and their clients) tend to believe that attempting to deal with questions such as which child (or children) should run the business after the parents retire or die, and what should be provided to those children who decide to pursue goals outside the family business, are too full of land mines and just should not be discussed. These issues, and others, if left unresolved during the life of business founders, often cause business succession failure.
At Minto Law Group, LLC we deal with these and other issues in a sensitive yet straight forward manner with family members to resolve these problem areas while everyone is alive and well. Of course we will advise on the most appropriate financial structures and implement those structures, but only after the appropriate cross generational issues are fully explored.
We believe you will be well served by allowing the professionals at Minto Law Group, LLC in Pittsburgh PA to assist you in the development and implementation of your business succession plan.