All family businesses, from bustling urban enterprises to the heartland’s farms, face the inevitable question of succession. At Borakove Osman LLC, we understand that this transition is not just about the business changing hands; it’s about preserving a legacy, sustaining a family’s livelihood, and honoring the hard work of generations. Our Wisconsin-based estate and business planning law practice is uniquely equipped to guide family businesses of all kinds through this critical phase.
Valuation: The Starting Point
The journey of business succession begins with understanding the true worth of your business. Valuation is a complex process, essential in setting a fair and accurate foundation for the transition. For farming businesses, valuation includes:
- Market value of the land
- Value of equipment, livestock, and crops
- Brand reputation built over years
For other family businesses, this includes:
- Assets and inventory
- Intellectual property
- Market position and reputation
At Borakove Osman LLC, we work with expert appraisers to ensure that every aspect of your business is accurately valued, providing a clear path forward.
Transfer of Ownership: Navigating the Path
Transferring ownership is the core of succession planning. As Borakove Osman, our experienced attorneys are well aware that this process demands knowledgeable customization. Therefore, we tailor our approach to the unique dynamics of each family we work with as well as to the nature of their business.
For farming families, the transfer often involves thoughtful decisions about land, equipment, and the continuation or innovation of farming practices. Other family businesses may require grappling with the distribution of shares and the reassignment of management roles while maintaining a competitive edge.
In addition, we make it a priority to structure the transfer of each business so that it minimizes tax burdens and ensures legal compliance. We are also careful to make sure that every step we take aligns with your family’s goals. Whether your business succession involves a gradual transfer of shares, setting up a family trust, or creating a structured leadership transition plan, our team will help you craft solutions that will protect the interests of all parties.
Sustaining the Family Legacy
Business succession is about more than who will take the helm next; it is about how the values and vision that have defined the business from its outset will be carried forward by the next generation. At its core, business succession is about sustaining the family’s legacy.
Whether this means preserving the land that represents your family’s history and way of life or updating the family business to keep it viable in the years to come, our attorneys will help you protect your family’s legacy. We are well-positioned to draft governance structures that ensure your business stays true to its roots while adapting to modern challenges.
In many cases, sustaining the legacy involves mentoring the next generation, establishing advisory boards, or even exploring philanthropic avenues that reflect the family’s values. Our approach is to listen, understand, and then act — ensuring that the transition not only respects the past but also embraces the future.
The Takeaway
At Borakove Osman LLC, we recognize that business succession planning is about more than legal documents and financial strategies; it’s about people, dreams, and a legacy that spans generations. Whether you are a farming family rooted in Wisconsin soil or a family business navigating the complexities of the modern market, our team is committed to guiding you through a smooth and successful transition.