The Art of Crafting Business Succession Arrangements
Probate and Property, November/December 2003, Volume 17, Number 6
By James D. Spratt Jr.
James D. Spratt Jr. is a partner in the Atlanta office of King & Spalding LLP. He is vice chair of the C-2 Estate Planning and Administration for Business Owners Committee. This article was adapted from his materials presented at the 14th Annual Estate Planning Symposium sponsored by the Real Property, Probate and Trust Law Section in April 2003.
Few projects are as rewarding for a trusts and estates lawyer as helping a client plan for the ownership succession of a family business. And few are as challenging. The low success rate for family business succession is evidence of the difficulty. Business succession arrangements require a mastery of numerous legal and tax complexities, the science of the subject. These are important, but few plans fail because of the technicalities. More are ineffective because they fail to incorporate the human context of the family or the business organization.