Hancock Estabrook, LLP (Syracuse, NY) Announces a Successful Outcome for Their Business Succession Planning Practice

When the owner of a successful automotive repair company came to the attorneys of Hancock Estabrook for help with the smooth transition of their company to new owners, Hancock Estabrook attorneys successfully designed and implemented a financially viable and tax advantageous transaction.

The firm’s attorneys worked diligently with the business to structure a transfer of the business that benefited the new owners by maintaining the relationships and institutional knowledge of the previous owners and giving the sellers the ability to defer the heavy tax burdens of an outright sale.

The successful and smooth transition designed by Hancock Estabrook permitted the automotive company to grow and flourish under new ownership and granted the sellers a gradual transition into retirement.

The attorneys in Hancock Estabrook’s Family Business Succession Planning practice work with all types of closely held business entities, planning business transitions to family members, business partners and new owners. The firm’s multidisciplinary team of attorneys provides the legal services that family-owned businesses need to assure smooth and effective transitions and maintain continued business success.