CIANJ Commerce Magazine May 2020 | Page 18

■ Family Business Continued From Page 14 neys from our tax, estate planning, corporate and real estate groups—sprang into action. They began with an extensive multi-state search for a new home and sought public incentives packag- es from the competing jurisdictions. As for the existing property, they obtained assignable re- development approvals and then marketed the fully entitled property for sale through a com- petitive bid process; a 1031 tax-free exchange into the new facility allowed the family to avoid a gain on the sale. Tax-exempt bond financing on the new plant and equipment reduced bor- rowing costs. And the family used the oppor- tunity to re-evaluate their estate planning and partnership agreement. The family business is now built to last. Wilentz, Goldman & Spitzer, P.A. By Brett R. Harris, Esq., Shareholder, Business, Nonprofit and Technology Attorney We often assist family business- es in the transition from one generation to the next. Some transactions have been straightfor- ward, with stock or membership interests even- ly distributed, particularly when all members of the younger generation were involved with the company. More complex issues have arisen when not all children followed the path of their parents, and decisions had to be made about distributing assets and wealth inter-generation- ally in an even or appropriate way (not always yielding the same results). At times, proposed transfers across generations have proven so di- visive that our clients instead elected to sell the business so as to preserve family relationships. A transfer of a family business, whether to the next generation or outsiders, is a life-cycle event. We, as advisors. must remain cognizant that the boardroom extends into the dining room, and sometimes the best way to grow and protect a family is divesting a family business. ■ Advertisers Directory AmeriHealth New Jersey............................. 27 Archer Law ................................................ 28 Columbia Bank............................................. 5 Concrete Washout Systems........................ 18 Donnelly Construction................................ 16 EAI, Inc....................................................... 19 ENRC..........................................................BC EWMA....................................................... 28 Grassi & Co.................................................. 7 GZA............................................................ 20 Horizon BCBSNJ........................................... 3 ICA Risk Management Consultants............ 25 Levine Jacobs & Co.LLC................................ 2 NJIT............................................................ 13 Norris McLaughlin, P.A................................ 15 NPZ Law Group, P.C. ................................. 17 Peapack-Gladstone Bank............................ 11 PNC Wealth Management......................... IFC RWJBarnabas Health.................................. 31 Saint Peter’s University Hospital.................IBC Stuyvesant Press......................................... 21 Triangle Manufacturing.............................. 23 Valley Health System.................................... 1 WE BUILD IT BETTER. D O N N E L LY C O N S T R U C T I O N . C O M