BGD Attorney Presents Ways to Prepare a Business for Succession
Bingham Greenebaum Doll LLP attorney Mark H. Oppenheimer recently spoke at a conference for small-business owners on business successful planning and buy/sell agreements. Mark discussed the importance of buy/sell agreements and why they are valuable tools in the business succession process.
Business First of Louisville has provided a re-cap of Mark’s presentation. Click here to read the full article on the Business First website.
Excerpt from ‘Louisville lawyer shares ways to keep business going’
Planning for succession is key for closely held businesses, Oppenheimer said, because 70 percent of them fail to make it to the second generation and 80 percent fail to make it past two generations.
Although we often hear about estate taxes killing these companies, he said, 60 percent of them fail over relationship issues, 25 percent fail because they weren’t prepared for succession or because of incompetence and only 15 percent because of taxes, estate planning or some other reason.