How To Choose the Right Successor for Your Wisconsin Business
Family-owned businesses make up about 32% of the businesses in Wisconsin. However, only about 40% of family businesses transition to a second generation, with only 13% of family-owned businesses being passed down to a third generation.
Unfortunately, without a detailed succession plan, family-owned businesses may not survive...
Why Every Small Business Owner Needs a Succession Plan
Wisconsinites are entrepreneurial. Small businesses in Wisconsin account for 99.4 percent of the state's businesses. These business owners know that running a small business takes dedication, hard work, and vision toward the future. Whether it’s a family business or something you’ve built from the ground up, planning...
7 Estate Planning Tips for Small Business Owners
As a small business owner in Wisconsin, you’ve worked hard to build and grow your company, and it’s essential to ensure that your legacy and financial future are secure. Estate planning is an often-overlooked aspect of business management, but it is crucial for safeguarding your personal and professional assets. Proper planning can...
Choosing Between a Family Limited Partnership and an LLC
When it comes to managing family assets or businesses, the choice of legal entity is crucial. Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs) are two popular options for estate planning, asset protection, and efficient wealth transfer. While both structures offer distinct advantages, the best choice depends on your family’s goals...
How to Balance Running Your Business and Its Legal Needs
Running a business is a demanding task. Business owners wear many hats, from managing day-to-day operations to planning for future growth. Among these responsibilities is ensuring your business stays compliant with legal requirements, which is critical to long-term success. However, balancing the operational side of your company with its legal needs can...
How to Create a Succession Plan for Your Business
Whether you own a small startup or a long-established company, creating a solid business succession plan is critical to ensure your business’s continuity and protect your legacy. A well-thought-out succession plan prepares your business for a leadership transition, safeguarding its long-term success. This blog explains how you can craft an effective succession...
The 7-Step Business Succession Planning You Need
Small and large businesses alike would do well to use business succession planning to keep their operations strong during management and ownership changes. With that in mind, company leaders should seek pertinent guidance from experienced counsel to identify and address any legal concerns that arise during the process.
5 Common Mistakes to Avoid in Estate Planning for Small Business Owners
Mistakes in estate planning can be disastrous for small business owners and their families.
At Borakove Osman LLC, our attorneys have the insight and determination to see that our clients avoid the pitfalls. We have extensive experience assisting clients throughout Wisconsin with both personal estate planning and planning...
What Are the Tax Implications of Estate Planning for Business Owners?
If you are a business owner in Wisconsin, taxes are a major concern. At Borakove Osman LLC, we understand the unique challenges you face, especially when it comes to the intricacies of estate planning and its tax implications.
A well-structured estate plan can not only help you achieve your...
Business Succession Planning: How to Ensure a Smooth Transition to the Next Generation
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...