Can you retire when you’re the boss? Succession planning may seem like a simple concept, but unexpected events can complicate the process, including family or partner disputes, death, or disability.

It takes careful planning and insight to determine the best solution for you, your family, and your business. Succession planning is an important aspect of every company’s business model, whether your goal is to retain it within the family or create and maximize the value of an exit strategy that may include a merger or sale of the business.

The experienced attorneys at Venn Law Group can help. We help our clients determine the best solution for themselves and their business by guiding and managing the process so that the owners can continue to focus on their day-to-day activities while moving through the transition.

The Business Owner’s Pathway™ to Maximizing and Preserving Business and Personal Wealth

Representative Transactions

  • Transition of ownership and control of professional services firm from second to third generation of employee ownership
  • Transition of ownership of retail business products company from founders to key employees and structure of ultimate exit of founders from business
  • Transition of manufacturing and distribution business from second to third generation of owners and first generation of professional management
  • Purchase of distribution company by employee group
  • Sale of franchise restaurant locations in North Carolina and South Carolina
  • Sale of third-party administrator to private equity group
  • Sale of utility/data subcontractor to management and private equity group
  • Organization and restructure of U.S. and Canadian operations of U.S. based manufacturing and distribution company
  • Sell-side merger representation of business services company, manufacturing company, packaging company, insurance agency, alloy manufacturer, event planning and consulting company, and distribution company.
  • Restructure and transition of fourth-generation family business with multiple business subsidiaries to second generation of outside management and fifth generation of family owners
  • Corporate restructuring and tax planning for company in the Southeastern United States.
  • Strategic and tactical planning for organic and strategic growth of technology company

A Six Step Planning Process to Achieve Your Ownership Objectives


Every owner has an exit plan as of the day they start a business.  Something will happen to your business if you die or are disabled.  State laws will fill in any blanks you leave.  You need to be sure the plan you have is the one you want.

Ideally, you will start at least five years in advance of your exit.  That gives you time to plan for taxes, fix problems, increase value, pick the right time to exit and make/fix mistakes in implementing your exit plan.  It also gives you time to change your mind about what you want to do.

You have several options to treat children equally in terms of the financial benefits they receive.  However, giving ownership of a business to children who are active and not active in the company may not be the best option. Instead, you may want to consider life insurance or cash payments to the children who aren’t active in the business instead of ownership.

A landline phone and a computer keyboard.