Business Succession Planning

Hyl Conte Law, PLLC helps closely held businesses survive the second generation of ownership with proven legal strategies.

When a business prepares for the shift of ownership, there are many moving parts to consider – especially for those involved in close relationships or family-run operations. Without a viable succession plan in place, loved ones may face unnecessary disputes, tax exposure, or even the forced sale of the company.

At Hyl Conte Law, PLLC, we bring more than 45 years of combined experience in estate planning and business law to pave the way for seamless, streamlined succession planning. We understand that business succession is a natural extension of estate planning for entrepreneurs and business owners. By integrating these two fundamental legal areas, we ensure that your personal and professional assets are protected in a way that supports the values of your legacy.

From trusts to corporate restructuring, our business succession planning lawyers work closely with clients across New York as they prepare for continued success across generations.

How Businesses Structure And Funding Overlaps With Succession Planning In New York

Business succession planning is crucial for owners to source the proper funding for the next phase of development. For many entrepreneurs, their enterprise is their largest asset and, therefore, a fundamental part of their estate. Structuring and funding a closely held business lays the groundwork for the smooth transfer of ownership, tax minimization, and continued growth as the original owner steps away.

Entities like LLCs and S Corporations offer various benefits in terms of tax treatment, liability protection, and ease of transfer. When considered in the context of estate planning, our lawyers help clients review their business structure to make certain that it aligns with their succession and inheritance objectives.

Funding also plays an important role in succession planning. Business owners typically rely on life insurance policies, irrevocable trusts, and other legal tools to fund buyouts and protect their beneficiaries. Hyl Conte Law, PLLC helps integrate essential funding strategies into broader estate plans to ensure financial clarity and sustainability.

Shareholder Agreements

Shareholder agreements are documents designed to govern the relationship between various business owners. It outlines the rights and responsibilities of shareholders, voting procedures, share transfer protocols, and dispute resolution mechanisms.

In the context of succession planning, a well-drafted shareholder agreement plan can help avoid confusion and mitigate any potential conflicts that may arise as leadership changes take place.

Buy-Sell Agreements

Buy-sell agreements work in tandem with succession planning to provide a clear framework for what happens when a business owner leaves a company – whether that be through retirement, disability, death, or voluntary exit. These are agreements that dictate who is authorized to buy the departing owner’s interest, what price, and under what conditions.

Hyl Conte Law, PLLC: Helping New York Businesses Thrive During Periods Of Transition

Serving the professionals in the Counties of Nassau, Suffolk, and Queens with pride and care.

With a deep knowledge of both estate planning and business law, our business succession lawyers have helped countless clients protect their legacies while securing their most valuable assets.

We understand that your business is not merely a source of income – it’s a part of your life’s work. Hyl Conte Law, PLLC is pleased to help you plan for the future with confidence, compassion, and legal precision no matter what.

Are you ready to secure the legal clarity you’ve been searching for? Speaking with an experienced New York small business succession attorney at Hyl Conte Law, PLLC is the next step to take. Call our Lindenhurst, NY-based office today at (877) 200-6845 or click here to schedule your free 20-minute phone consultation with a member of our team.