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Family Business & Succession Planning

Hodgson Russ assists numerous closely held and family businesses at all stages of growth and development and has guided hundreds of families through successful business transitions. We provide comprehensive legal services responsive to the unique needs of family businesses, including business counseling, tax planning and regulatory compliance, compensation and equity incentives for family owners and non-family employees, disability and retirement planning, and dispute resolution. The uncommon insight that informs our legal guidance results from our experience working with family businesses and the deep resources of our firm in related areas of the law.

Because Hodgson Russ’s goal is the ongoing vitality of the family as well as the continued viability of the enterprise, we also focus our efforts on maintaining stability and unity among family members. We achieve favorable conclusions by developing appropriate succession strategies, managing execution of the plan, and devising methods to address challenges effectively.

The components of our process include identifying the most efficient means to transfer ownership, ascertaining appropriate successors, and determining the optimal timing of the transition. We also review tax and estate planning strategies to minimize the income and estate tax consequences of the transfer.

Hodgson Russ offers the following legal services to family businesses.

  • Business and tax planning
  • Business counseling
  • Company structures
  • Compensation and benefits for non-family employees
  • Compensation and equity incentives for family owners
  • Disability and retirement planning
  • Dispute resolution
  • Interfamily/owner relations and governance
  • Leadership transition and succession
  • Minority shareholders
  • Non-active family owners
  • Regulatory compliance
  • Sale of business interests to family members
  • Sale of business interests to non-family members
  • Sale of business to employees
  • Shareholder agreements
  • Shareholder liquidity