In Wisconsin, where farms and other family businesses are the lifeblood of the local economy and culture, business succession planning is indispensable as the process through which both business longevity and family heritage are protected. At Borakove Osman LLC, we specialize in converting the complex maze of business succession into a clear path forward, addressing the nuances of valuation and transfer with precision and care.
Our business succession attorneys know that preserving your family’s business legacy is critical not only for family members but for the community at large. We have the experience, foresight, and skill to help you plan for a future in which your heirs benefit from your hard work and con-
continue your successful venture. In addition, we will assist you in taking the necessary steps to protect your loyal employees and the residents who rely on your business to be stable and productive.
In short, we will help you craft a concrete succession plan that will help your family business prepare for eventualities and avoid pitfalls as it continues to thrive.
How Our Attorneys Will Help to Facilitate Your Business Succession Planning
Our attorneys will prepare your company for immediate action in case of an emergency (e.g. sudden incapacity) while also developing a long-term transfer strategy. An emergency plan will be a safeguard against disruptions. Long-term planning, on the other hand, will ensure that your business remains true to its original mission.
Valuating Your Business
Accurate valuation is the cornerstone of effective succession planning and can be accomplished in several ways. Our lawyers will help you determine which method is best suited to the nature and structure of your particular business.
The process of assessing your company’s worth may be more complicated than it seems since it involves more than tangible assets and financial statements. To be complete, the process must also include a full inventory of intangible elements like brand, reputation, customer loyalty, proprietary technology, and digital assets.
We routinely collaborate with seasoned valuation professionals who employ various methodologies — from income to market to asset approaches — ensuring that every aspect of your business’s value is tallied. Such a comprehensive valuation is vital to working out the details of insurance coverage, estate tax planning, and the structure of the business transfer, whether through sale, gifting, or trust agreements.
The Actual Transfer of Ownership
Whether you are transferring the family business to close relatives, long-time employees, or external parties, the process demands meticulous legal oversight. Fortunately, our attorneys can provide it. We are well-practiced in drafting, reviewing, and executing buy-sell agreements, as well as in calculating a fair price that meets both parties’ needs.
In family transfers, we often employ gradual gifting strategies to take advantage of annual tax exclusions or establish trusts to manage the business’s assets according to the family’s wishes. For those looking for an outright sale, whether to family or third parties, we structure the transaction to ensure tax efficiency and continuity in business operations.
Special Considerations for Farm Continuation Planning
Farm continuation planning adds another layer of complexity, given that farms often have large holdings of non-liquid assets. Borakove Osman has a long history of helping farming families navigate the intricacies of land division, conservation easements, and the integration of newer family members into the farming operation.
We are dedicated to structuring businesses to support multi-generational involvement. We are acutely aware of the need to balance operational control with equitable treatment of heirs, some of whom may not be involved in day-to-day farming activities.
Contact Our Experienced Family Business Succession Attorneys Today
We know that your business is not only a meaningful foundation for your family but an integral part of Wisconsin’s economy. Contact our family business succession attorneys today so we can help you honor your past while securing your future and the future of those you love.