We help our Utah family-business clients create a plan that balances family and business
A family-owned business is one in which two or more family members are involved and the majority of ownership or control lies within the family. Ninety percent of United States businesses are family owned or controlled.
A family business operates at the intersection of business law and family law. Accordingly, we help our family-business clients devise a strategic plan that allows for balance between family and business goals and needs.
Addressing Ownership and Succession Planning
A family business plan must address in detail the ownership and operation of the business. A family business plan must also address succession planning — who will lead the company in the next generation. Less than one-third of family-owned businesses survive this transition.
In addition, estate planning involves the financial and tax aspects of transferring ownership of a family business to the next generation. An estate plan should be established as soon as a business becomes successful, and should be updated as business or family circumstances change.
Practice Contacts
John E. Gates
- Of Counsel
- 801.322.9150
- jeg@scmlaw.com
J. Colby Clark
- Shareholder
- 801.322.9127
- jcc@scmlaw.com
Dennis V. Dahle
- Of Counsel
- 801.322.9279
- dvd@scmlaw.com
