
Only 35% of organizations have a formalized succession planning process for critical roles[1] and even fewer have a plan in place for succession in ownership. Many business owners are too busy working on and in the business to address succession planning. The attorneys at NM LAW have been assisting businesses transition to family, key employees, or a third party, for two decades. A sound succession plan should be developed over years before there are any impending crises in the economy or in the health of the owners and key players.
Succession planning is a multi-disciplinary exercise requiring the involvement of a team including accounting and finance professionals as well as guidance on leadership development. Our firm has experience in building and leading successful business succession teams so our busy clients can exit at a time and under conditions of their choosing. Succession planning is not just the drafting of a buy-sell agreement; careful consideration should be made to leadership development, company culture and valuation, all of which will greatly impact the success of the eventual succession.
NM LAW has expertise on transitioning multi-generational businesses to the next generation or a third-party buyer and provides holistic advice to the owners with the ability to address estate tax matters and legacy planning as a part of their business succession strategy. We understand the difficulty in managing a business and focusing on succession planning and are able to assist our clients every step of the way to a well-deserved retirement or other liquidating event.
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Charities We Support
We dedicate pro bono time, volunteer services, and a percentage of our gross revenue to these organizations. In 2023, we sponsored a refugee family of five to come to the United States and start a new life.
Each year our law firm decides as a group which charities to assist with our time, money, and expertise. Please feel free to click on any of the charities below and make a donation of your own.