Our November Focus: Family Matters
November 15, 2024
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We help the owners of closely-held businesses, whatever their needs, each and every day.
Our law firm "grew up" in small towns across eastern North Carolina, serving family-owned and locally managed businesses. Today, we've grown to five offices, from the mountains to the coast, to cover the entire state. Our attorneys regularly counsel owners, managers, stakeholders, and family members of small, mid-size, and large closely-held businesses as they resolve the questions that keep them awake at night.
Succession Planning
Succession planning brings up challenging questions for owners such as "Who will take over the business if I want to retire or if something happens to me?" or "Who do I include in a succession plan?" This planning can become complicated as many family businesses are challenged by preserving the business organization and key non-family employee relationships while maintaining peace across family generational lines. There are also many ramifications to keeping the company under private control within the family versus taking the company public or bringing in a strategic partner.
Talent
Another important issue for closely held businesses is identifying and properly incentivizing business leaders. Competition for top talent is fierce. There are many ways organizations can attract and retain key leaders for their businesses and effectively include them in the next generation of leadership within the organization. Our team can help you implement strategies for recruiting, retaining, and compensating key employees.
We Understand
There is no "one-size-fits-all" solution to these issues and they need to be tailored to the needs and expectations of the owners and managers of the particular family business. We help closely-held business owners think through situations that may arise and plan for the outcomes they desire. Over the years, our clients have found that the commitment to proactive planning and the associated time and legal expense is minimal when compared to the cost of resolving problems when no agreement or plan exists. It is never too late for willing business owners to address these key issues and get a good night's sleep.
We are your established legal network with offices in Asheville, Greenville, New Bern, Raleigh, and Wilmington, NC.
