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Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group. Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group.

We wrote an article for this column that was published back in July of 2015, titled “Estate Planning Consideration for Closely Held Business Owners.” A parallel topic for business owners, that we did not address in that article head on, is the myriad ways in which businesses are transitioned once the sole owner of the business exits, whether by accident (i.e., death or disability) or by design. Many of our clients continue to actively control their businesses until their deaths and succession must be addressed by the personal representatives of their estates. Others implement an effective “transfer of power” for their businesses during their lifetime and either retire completely or continue on as a consultant or employee of the business. Sometimes when there is a transfer of power, the business is sold, but other times ownership is retained.

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