Fraser Stryker partner Dan Pauley was quoted in an article by Jasmine Heimgartner entitled “Passing down the family business requires planning and a little formality”, in the September 10, 2021 edition of the Midlands Business Journal. In the article, Pauley discusses the difficulties many families face with business succession planning, and the key elements needed to ensure a smooth transition when the time comes.
“The hardest part about business succession planning is you have people making lots of decisions every day with respect to their business, but they aren’t usually the people who stop and think about themselves,” said Pauley. “They are used to wearing multiple hats. For them to just stop and think about what they want out of life is not an easy thing. There [are] a lot of emotions involved. When it is family succession, there can also be expectations from a kid’s perspective and from the parent’s perspective.”
Pauley speaks to beginning the business succession planning process, stating that the “Key elements are identifying a timeline or timeframe for how this succession is going to start and when it will end. It also requires a collaborative team with an attorney, CPA, financial adviser and insurance. There is a process, but you want to be ready for when the time comes. Owners have to consider how different their lifestyle will be. Perhaps they are running car payments or other payments through the business. Once the transition happens, going through this process better ensures that what the owner is trying to achieve is accomplished.”
Dan Pauley focuses his practice on Trust and Estate Planning and Administration, Mergers, Acquisitions and Divestitures, Business Succession Planning, and Real Estate Law. Dan counsels businesses and their owners on issues related to business formation, corporate and real estate transactions, succession planning, mergers and acquisitions, and estate planning. Dan is skilled in advising clients through the various stages of the estate planning and probate process, working with his clients to ensure their family’s futures are secured.
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