Stillman & Associates, LLC | Attorneys at Law

Call 860-764-2980
And Let’s Make A Plan

Stillman & Associates, LLC | Attorneys at Law

Stillman & Associates, LLC, Helps Clients
Implement Their Plans For The Future

Guilford Business Succession Planning Lawyer

Business succession planning means preparing for the transfer of business ownership and management when an owner retires, becomes incapacitated or passes away. It is often combined with an owner’s estate planning. A well-structured plan can protect your company, your family, employees and customers, as well as secure your future legacy.

At Stillman & Associates, LLC, attorney Matthew Stillman guides and helps business owners in Guilford, Central and Eastern Connecticut plan for business succession. Mr. Stillman is a lawyer who believes in empowering you to decide what serves you best.

Why Connecticut Business Owners Need Business Succession Planning

Proactive business succession planning is essential for these reasons:

  • Reducing tax liabilities through gifting and trusts
  • Avoid losing unused exemptions because Connecticut does not allow a surviving spouse to use those of a deceased spouse.
  • Avoiding probate proceedings, which can be costly, time-consuming and emotionally draining.
  • Ensure business continuity after unexpected events, such as death
  • Protect key employees and operations

Attorney Stillman can help implement strategies such as trusts to achieve asset protection and continuity.

What Type Of Business Owners Need Business Succession Plans?

Business owners who benefit most include:

  • Small and mid-sized business owners
  • Sole proprietors with assets tied to the business
  • Family-owned business
  • Partnerships
  • Business owners approaching retirement
  • Executives or founders in leadership
  • Entrepreneurs planning to sell their business

To ensure a smooth transition and long-term success, Attorney Stillman can help evaluate your unique situation and design personalized solutions.

Components Of A Comprehensive Business Succession Plan In Connecticut

A strong succession plan should be a detailed legal and financial roadmap. Its key components include:

  • Buy-sell agreement: Establishes who can purchase ownership interests and under what circumstances
  • Business valuation: Defines how the company will be valued (fixed pricing, formulas or periodic appraisals)
  • Transfer structure: Determines whether ownership will transfer through sale or gifting
  • Successor identification: Identifies and prepares the next leadership
  • Training and transition period: Ensures successors are properly trained for the transition of responsibilities.
  • Tax mitigation: Utilizes tools such as trusts and gifting to reduce transfer taxes
  • Liquidity planning: Helps ensure sufficient funds are available to support ownership transfers
  • Periodic reviews: Keeping the plan updated to reflect changes in tax laws or business growth

By carefully crafting a plan that integrates estate planning and asset protection, Attorney Stillman sets your business up for a seamless transition process.

Consult A Skilled Business Succession Planning Attorney

A well-designed business succession planning strategy can minimize risks and expenses. At Stillman & Associates, LLC, attorney Stillman serves business owners in Guilford, New Haven County and throughout Central and Eastern Connecticut. Call 860-764-2980 or complete the intake form to schedule an appointment.