Lane Powell is pleased to announce the formation of a Business Transitions Team under the Firm’s Business Department. A. Jeffery Bird, Lewis M. Horowitz and Benjamin G. Lenhart will lead the group, which assists clients in developing and implementing comprehensive business transition plans.
Lane Powell formed this practice group to address a specific need. Many privately- and family‑owned businesses do not have a business transition plan. This problem is exacerbated by the wave of baby boomers who have built successful companies and are retiring in unprecedented numbers. Successfully transitioning a business, whether it is obtaining the highest price at sale or extracting sufficient value when transitioning to management or family members, is key to achieving financial independence and leaving a legacy to your family.
Our team of business transition attorneys is dedicated to helping business owners through the business transition planning process, which is unique to each business, and includes three Certified Exit Planning Advisors who have decades of business experience. All transition plans require consideration of at least the following components: evaluation of goals and objectives, business valuation, personal financial planning, value enhancement strategies, understanding the transition alternatives, protecting the business, tax planning to reduce taxes and a personal action plan. In addition to providing legal counsel, our Business Transitions Team also partners with an interdisciplinary group of specialists — which often include valuation experts, accountants, estate planners and investment bankers, among others — to assist clients in taking control of the planning process and developing a business transition plan that gives them peace of mind knowing they are well prepared to handle any transition scenario.