“Business succession planning is strategic planning for those changes in ownership and leadership which inevitably occur in every closely held and family owned business no matter whether the owner(s) is prepared to face such changes or not.
Unfortunately, some of the largest issues incurred by closely held businesses involve transfer of ownership, and the primary reason for such issues is lack of planning. Due to this, it is imperative that you understand and plan to avoid issues with the transfer of ownership and leadership of your closely held and family owned business. For these reasons, the attorneys of Burr & Forman’s Succeeding in Succesion Blog have launched this blog to help closely held and family owned business owners keep up with news, statutory changes, legal opinions and practical tips involving all areas of business succession planning. Because the law relating to most areas of business succession planning is state-specific, we will focus on developments in Burr & Forman’s Southeastern footprint of Alabama, Florida, Georgia, Mississippi, and Tennessee. However, we will also cover any particularly impactful or interesting events in other parts of the country relating to business succession planning. We hope that our clients, as well as other closely held and family owned business owners, will find this blog informative and entertaining and will make it a regular part of their business reading. If you ever have a question about something on the blog or have a business succession planning issue, feel free to contact any of Burr & Forman’s Business Succession Planning team members and we will be happy to assist you. If you need help in a state outside of Alabama, Florida, Georgia, Mississippi, or Tennessee, let us know. We’ve aligned our firm with trusted practices across the country and around the world and we will get your questions answered at the right law firm. Thanks for reading!”