Magazine Archive
The Top Three Options for Law Firm Succession Planning
All too often, attorneys do not prepare for their eventual exit. They hastily close the doors of their practice (or their family closes the doors for them). In doing so, they potentially lose a five or six figure payout and negatively impact their legacy.
Read ArticleThe Surprising Importance of Succession as a Team Sport
It won’t surprise you that successful exit and succession planning is a team sport. Successfully selling a professional services firm requires answers to deeply technical questions pulled from the fields of tax, law, banking and more. As a result, attorneys, CPAs, bankers and others will be forced to work closely together as a team for...
Read ArticleBusiness Succession Planning Opportunities Under the New Tax Act
Late last year, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”), effective in 2018 for tax purposes.[1] The Act provided certain substantial changes to the tax code that include provisions that may be of interest to family owned businesses and professionals. This article will address the changes to...
Read ArticleInsurance Considerations for Transitioning Attorneys
Law firms, in particular, are susceptible to being sued for millions over alleged errors. With a continued rise in defense costs that can easily surpass six figures, professional liability claims have the potential to be crippling to a business.
Read ArticleTop Ten Succession Planning Considerations and Issues for Professionals
The most successful plans are the ones that are established well in advance of the departure of the exiting professional(s) involved in the plan.
Read ArticleWriting a Plan for Your Computer System
According to surveys conducted by CNBC and the Financial Planning Association, more than 70 percent of small businesses have no succession plan. Couple this with the number of small business owners older than 50, and that’s nearly 20 percent of the U.S. population. So, it only makes sense that a good succession plan is more critical than ever.
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