Estate planning for the small business owner and entrepreneur It is without question that small businesses are the backbone of the American economy. They come in all shapes, sizes and colors, representing all sectors of our economy. But small businesses tend not to outlive their founders. At any given moment, 40 percent of family businesses are in the process of transferring their ownership. Unfortunately, two-thirds of all initial transfers fail. Also, of the one-third that survives an initial transfer, only one-half will survive a second transfer. A report from the Small Business Administration says that 90 percent of U.S. businesses are family owned, but only 30 percent of such companies succeed in the second generation and just 15 percent make it to the third generation. One way to avoid this is to emphasize primarily on business succession planning. If family is the focal point, succession planning is sure to be successful. At The Hernandez Law Firm, P.C., estate planning attorney Kevin Hernandez designs and implements estate plans for owners and families of family businesses through: - Business entity formation (LLC, Corporation, Partnership)
- Business succession and exit planning
- Planning with buy-sell agreements
- Estate planning
- Multigenerational wealth and legacy planning
We help you preserve family harmony and smoothly transition your business with minimal opportunity for dispute or court interference. Contact us I hope you’ll take the next step and meet with us. We always make time to sit down with folks who want to learn more about what we do. We can help, so call us at 727-712-1710. We look forward to meeting you! Kevin
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