Succession Planning

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Drawing upon our depth of business experience across the firm, Reinhart attorneys understand the tax implications that are critical to manage throughout the entire continuum of a business lifecycle. One particularly important stage to manage is a business succession or exit strategy.

Taking a holistic approach, attorneys from Reinhart’s Corporate¬†Law, Tax and Trusts and Estates practices regularly counsel business owners and management to consider succession planning from a comprehensive perspective. We view succession planning not simply as a single career-ending event, but as an ongoing process to build value, with an eye on a possible future event resulting in ownership and/or management succession.

Our advice is custom-tailored to each individual’s business and objectives. For some, the vision will be focused on extracting the maximum portion of the business’ value for the current owners from an eventual sale to, or merger with, a third party. For others, the vision will involve transfers to existing partners, family and/or management and a long-term ownership succession plan.

Reinhart attorneys have extensive experience advising business owners and families, leveraging many different techniques that can be used to maximize value and minimize federal estate taxes and income taxes in these succession plans. Techniques most frequently used include:

  • Buy-sell contracts (cross-purchase or entity repurchase)
  • Employee stock ownership plans (ESOPs)
  • Mergers/sales to third parties on a taxable, tax-deferred or tax-free basis through one-on-one negotiations, controlled auction and broader auction
  • Stock options and restrictive stock plans for key employees
  • Gifting and other techniques with family members, such as installment sales, grantor retained annuity trusts, redemptions, installment sales to grantor trusts, insurance trusts and other like arrangements
  • Recapitalizations to create preferred or nonvoting stock
  • Recapitalizations to extract value with a simultaneous investment by an investor
  • Long-term employment arrangements
  • Deferred compensation and salary continuation plans
  • Ownership of business assets outside the business entity (e.g., personal goodwill, intellectual property or real estate)

We work collaboratively with our clients’ other advisors, including appraisers, accountants, insurance professionals and trust officers to develop a coordinated plan best suited for each individual client.

Attorneys

Author(s)

Christine Rew Barden

Shareholder o: 608.229.2225 f: 608.229.2100 cbarden@reinhartlaw.com View full profile

Author(s)

Lucien A. Beaudry

Shareholder o: 414.298.8189 f: 414.298.8097 lbeaudry@reinhartlaw.com View full profile

Author(s)

Vincent J. Beres

Shareholder o: 262.951.4588 f: 262.951.4690 vberes@reinhartlaw.com View full profile

Author(s)

Brian G. Carroll

Shareholder o: 262.951.4544 f: 262.951.4690 bcarroll@reinhartlaw.com View full profile

Author(s)

Jennifer R. D'Amato

Shareholder o: 414.298.8319 f: 414.298.8097 jdamato@reinhartlaw.com View full profile

Author(s)

Scott M. Fabry

Shareholder o: 262.951.4515 f: 262.951.4690 sfabry@reinhartlaw.com View full profile

Author(s)

Anthony J. Handzlik

Shareholder o: 414.298.8190 f: 414.298.8097 ahandzlik@reinhartlaw.com View full profile

Author(s)

Robert F. Henkle, Jr.

Shareholder o: 414.298.8140 f: 414.298.8097 rhenkle@reinhartlaw.com View full profile

Author(s)

John A. Herbers

Shareholder o: 414.298.8176 f: 414.298.8097 jherbers@reinhartlaw.com View full profile

Author(s)

Kevin J. Howley

Shareholder o: 414.298.8188 f: 414.298.8097 khowley@reinhartlaw.com View full profile

Author(s)

Timothy J. Kamke

Shareholder o: 414.298.8432 f: 414.298.8097 tkamke@reinhartlaw.com View full profile

Author(s)

Gregory F. Monday

Shareholder o: 608.229.2220 f: 608.229.2100 gmonday@reinhartlaw.com View full profile

Author(s)

Michael T. Pepke

Shareholder o: 414.298.8133 f: 414.298.8097 mpepke@reinhartlaw.com View full profile

Author(s)

Timothy P. Reardon

Shareholder o: 414.298.8227 f: 414.298.8097 treardon@reinhartlaw.com View full profile

Author(s)

Wendy S. Rusch

Shareholder o: 262.951.4518 f: 262.951.4690 wrusch@reinhartlaw.com View full profile

Author(s)

John L. Schliesmann

Shareholder o: 414.298.8125 f: 414.298.8097 jschliesmann@reinhartlaw.com View full profile

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The people who run Madison businesses should draft a tailored POA for health care when they discuss business succession planning, says Reinhart’s Greg Monday.
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