Business planning is a process that protects business owners and their families against unnecessary financial hardship and stress during the formation, operation and ultimate disposition of the family business. Whether at the outset of a new business venture, or during the operation of the business, a prudent business owner will take advantage of the business planning process to:

• Analyze, select and form the proper business entity (e.g. corporation, limited liability company, limited partnership)
  
  
• Determine whether to make an election for a corporation to be taxed as an S-corporation to avoid double taxation
  
  
• Prepare a Shareholder Agreement or Buy-Sell Agreement to address the death, disability, or insolvency of a fellow business owner in a multi-owner entity
  
  
• Prepare employment agreements for management and key employees
  
  
• Develop deferred compensation plans for owners and key employees
  
  
• Analyze the acquisition of, or merger with, a target business
  
  
• Select and implement the proper tax-free reorganization with one or more business entities
  
  
• Structure and implement the sale of the business
  
  
• Design a succession plan to ensure the continuation of a business after the death of the owner