Massachusetts Lawyer Blog

You’re a Massachusetts small business owner. Do you have a plan to pass your business down to the next generation? Who will take over for you? How much is the business worth? How does your estate plan address your business interest? How will employees be treated? How will you preserve the mission of your company and protect what you've worked so hard to build?

Small Business Notes states,

Ninety percent of U.S. businesses are family-owned, and one-third of the Fortune 500 are either family-owned or family-controlled. Yet only 30 percent of family-run companies today succeed into the second generation. An even smaller 15 percent survive into the third generation. The reason, according to many experts, is obvious - the lack of an orderly succession plan.

Although it's information may be dated (1991), a Small Business Association article's "Appendix" contains several forms that may assist a business owner considering succession planning. Download file

As a MA business owner, designing a succession plan is an important undertaking. Our law office has worked with many small business owners on the South Shore who are looking for legal counsel but want to avoid the time involved traveling into Boston. As a smaller firm (by choice) we are able to form quality relationships allowing us to understand the dynamic challenges you may face over time. Our personalized approach allows us to help you with both your business and personal planning. When an issue unexpectedly arises, our clients can pick up the phone and talk with a lawyer they know and who knows them. Regardless of the law firm you work with, the assistance of someone who understands your goals provides you with an enhanced opportunity for your life's work to succeed both now and in the future.