July 20, 2020

New ABA book a how-to on succession planning for family-owned businesses

WASHINGTON, July 20, 2020 — The American Bar Association Business Law Section has published a new book, “The Lawyer’s Guide to Family Business Succession Planning: A Step-by-Step Approach for Lawyers, Business Owners, and Advisors,” that guides family business owners through the process of producing an effective family business succession plan tailored to the unique circumstances and objectives of the owners and their successors.

From initial meeting through completion, this resource offers expert guidance and practical tips to help meet the clients' needs. Comprehensive and logical, each section in the book provides substantive guidance, insights and resources to help lawyers properly advise business owners, design the structures, and draft the documents to produce an effective, appropriate and thorough succession plan. Topics covered include:

·         The lawyer’s role and duties in representing the business and the owners, including potential conflicts of interest

·         Ethical rules governing the family business lawyer

·         Planning for the sudden loss of a family business leader

·         Business restructuring to create better flexibility and economic efficiency

·         Governance mechanisms tailored to the composition of successor ownership

·         Key contracts with related and third parties

·         Financial resources and security for senior owners in retirement

·         Trusts and trust fiduciaries in family business ownership

“The Lawyer’s Guide to Family Business Succession Planning” was written by Gregory Monday, a shareholder with the law firm of Reinhart Boerner Van Deuren S.C., in Madison, Wisconsin. His practice focuses on helping family businesses with ownership, governance and succession. Visit his blog, Monday’s Family Business Law.

Title:                      “The Lawyer’s Guide to Family Business Succession Planning” 
Publisher:                ABA Business Law Section
Pages:                            188 pages
Product Code:        5070782
ISBN:                               978-1- 64105-691-5
Size:                                7 x10
Binding:                      Paperback
Price:                            $84.95
Orders:                       800-285-2221 or  ShopABA.org

Editor’s note: Author interviews and review copies of this book are available by emailing Katrina Krause at Katrina.Krause@americanbar.org. If you publish a review of this book, please send tear sheets or a copy for our files to Katrina Krause, ABA Business Law Section, 321 N. Clark St., Chicago, IL 60654

 

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