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Succession and Estate Planning

Succession and Estate Planning

Early planning is necessary to preserve wealth and ensure the transition of ownership, control and management of the business. Proper estate and succession planning to maintain the continuance of a successfully operating business for future generations to come.
For more information, or to set up an initial consultation, at no cost or obligation, call (516) 873-3000 or complete our Contact Form. One of our attorneys will contact you promptly.

DEALERSHIP SUCCESSION PLANNING

How do you provide for a seamless transition once you decide to retire?

The Dealership Law Firm of Bellavia Blatt can provide you with invaluable assistance concerning the protection of your dealership and provide you with the necessary guidance to answer the following questions:

  • Can I develop a plan that will allow me to retain my standard of lifestyle, even after my successors assume management, and provide for my family when I am gone?
  • Can my Business Succession Plan be modified if the successors cannot handle the job, and how can I minimize the risks in choosing a successor, including any disputes over ownership versus management of the dealership among family members?
  • How do I structure the buyout of my business by my successors?
  • How do I minimize the tax consequences of a structured buyout by my successors?
  • How does my Business Succession Plan impact my estate?
  • How do I equitably provide for all of my children in an even manner and apportion my assets between those that are expected to be active participants in the dealership and non-participants, even those not in the business?
  • How do I deal with the factory during this process, and what is the impact of factory requirements, approval process, and any specific succession provisions, including maintaining factory facility standards on my succession planning?
 

Bellavia Blatt has been representing automobile dealers for nearly 30 years.

Our Law Firm has been handling all matters related to automobile dealership operations for several decades. Whether it is buy/sells, manufacturer disputes, real estate acquisitions, warranty reimbursements, partnership issues or business succession planning, Bellavia Blatt has been the Law Firm selected to handle these matters by over a thousand dealers nationwide.

A well-designed Business Succession Plan for your automobile dealership will not only benefit you by providing for your financial security, but it will also benefit your family now and in the future when you are no longer around to provide for them. Using all of the tools available to minimize taxes, maximize returns and protect your assets is critical to your future and the future of your dealership. It is our goal to help you develop a plan that will continue the leadership, performance and success of your business for the next generation, and provide for a smooth transition to minimize the risks of a forced sale and unnecessary tax burdens.

Your investment in your dealership is too valuable to ignore proper Business Succession Planning by attorneys who are knowledgeable about your business. We invite you to contact us, should you wish to have a free consultation concerning your business. Under the current Federal Tax structure, this may be an opportune time for you to discuss your succession plan and the steps that you should take now to minimize tax consequences.

 

Have you protected your dealership investment?

Over many years of hardwork, investment and risk, you have successfully grown your automobile dealership business. This growth may include more than one dealership, as well as significant real estate investments. You have also put together a management team that ensures the smooth operation of your business and you are confident that, with continued hard work, your investments will continue to grow.

 

But have you considered what will happen to these investments after you retire, become disabled or die?

This brochure outlines the critical issues that need to be considered when developing a business succession plan, while providing you with some information about our firm’s extensive experience in this area of law. As you read through its contents, please contact us with any questions you may have.

You may have consulted with an attorney and even had drafted a will which provides for the distribution of your assets once you are gone; however, you, your family and your dealership deserve more. You deserve a Business Succession Plan drafted by professionals who understand the automobile business. Our attorneys will ask the right questions regarding succession planning, factory relations, leasehold concerns and tax consequences. These matters are too important to refer to a non-attorney “consultant.

Contact Us
For more information about us, or to set up an initial consultation, at no cost or obligation, call (516) 873-3000 or complete our contact form.

One of our attorneys will contact you promptly.
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