O'Reilly Rancilio Attorney Chuck Turnbull Quoted in Super Lawyers Magazine
O’Reilly Rancilio president and shareholder Charles “Chuck” Turnbull was quoted in the recent edition of “Super Lawyers Magazine,” a Crain’s Detroit Business supplemental insert.
The story, titled “How to succeed at succession: The importance of creating a plan to keep a business going for generations,” offered guidance to business owners on how to plan for the future.
Chuck focuses his practice on business, tax, and real estate law, estate planning and probate law, and litigation and disputes. Business succession planning, also an area of Chuck’s expertise, is a complex process that requires knowledgeable representation to accomplish a smooth transition and avoid unnecessary probate and taxes.
“Virtually every business owner that I’ve represented, in their head, has an idea of how the business will grow and then transition to either a sale or to the next generation,” Chuck told the publication. “But they don’t always get it put in the form of a written plan.”
The article offered succession tips for business owners including:
- Create a written plan as soon as possible with the help of an attorney;
- Review succession plans regularly and amend when necessary;
- Work collaboratively with family and current employees in advance to make your wishes known;
- Don’t always assume children want or are qualified to take over the role; and
- Hire an attorney who understands business succession planning and tax laws in your state.
The article also addressed the importance of aligning both your personal and business legacies; how to avoid worst-case scenarios; and more.
“Take a step at a time and see how the next generation responds to it. It doesn’t have to be done overnight,” Chuck said in the article.