Business Succession Planning
St. Louis Business Succession Planning Attorneys
For many St. Louis business owners, a closely held or family business is both a livelihood and the largest asset in an estate. Without a clear succession plan, a business can become a source of family conflict or lose significant value when an owner dies, retires, or becomes incapacitated. With more than 20 years advising small and family businesses, O’Gorman and Sandroni help owners plan transitions that protect both the business and the family.
Aligning Business and Estate Planning
Effective succession planning coordinates entity structure, buy-sell agreements, and estate planning documents so that ownership transfers as intended, whether to a family member, a key employee, or an outside buyer. We work alongside accountants and financial advisors to structure transitions that account for tax consequences and cash flow needs.
Buy-Sell Agreements and Ownership Transitions
A properly drafted buy-sell agreement establishes in advance how an owner’s interest will be valued and transferred upon death, disability, retirement, or a dispute among owners, avoiding costly litigation and forced liquidations when a triggering event occurs.
Family Business Governance
When multiple family members hold ownership interests or work in the business, clear governance documents addressing decision-making authority, compensation, and dispute resolution help prevent the conflicts that can otherwise fracture both the family and the business.
Frequently Asked Questions
Ideally, succession planning should begin well before retirement or a health event forces the issue, giving time to groom a successor, address tax planning, and put agreements in place while the current owner can guide the process.
Without a plan, ownership typically passes through probate according to the owner’s will or Missouri’s intestacy law, which can result in unintended co-owners, valuation disputes, or a forced sale of the business.
In some cases, yes. Techniques such as gifting minority interests over time, valuation discounts, and trust structures can reduce the taxable value of a business interest passed to the next generation, though the right approach depends on the specific business and family.
Since 1985 Sean O’Gorman and Andrew Sandroni have been representing clients in all areas of the law. O’Gorman & Sandroni, P.C. was founded in 1989 on the principles of honesty, integrity, and the aggressive pursuit of our client’s goals.