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Business Succession Planning for New Orleans Companies Planning an Exit
Ciolino & Onstott’s business succession planning practice works specifically with commercial clients across New Orleans, Jefferson Parish, St. Bernard Parish, and St. Tammany Parish to build that legal foundation before an exit, not scramble to fix it during one.
An exit strategy that only exists financially, with no legal structure behind it, is an exit strategy with a gap. Ciolino & Onstott works with New Orleans-area business owners to close that gap before it becomes a dispute.
FAQs
It involves structuring how ownership, control, and decision-making authority transfer when an owner exits — whether through retirement, sale, disability, or death — typically built into a company’s operating agreement or governing documents.
Rather than standalone buy-sell agreements, Ciolino & Onstott typically builds succession and redemption provisions directly into a company’s operating agreement, giving the business a single, coordinated governing document instead of separate agreements that can conflict with each other.
Remaining owners may be left negotiating terms under pressure, without a pre-agreed valuation method or transition process, which frequently leads to disputes, delays, or a less favorable outcome for everyone involved.
Ideally, succession provisions are built into a company’s governing documents well before an exit is on the horizon, since planning under time pressure limits the options available and often favors whichever party has more leverage in the moment.
No. Personal estate planning addresses an individual’s assets after death, while business succession planning addresses the company’s continuity and ownership transition specifically, which often requires different legal structures entirely.
Without one, an owner’s exit can trigger disputes among remaining owners, uncertainty about valuation and buyout terms, or even the forced dissolution of the business if governing documents don’t address what happens when an owner leaves.
No. Any multi-owner business — partnerships, LLCs, or closely held corporations — benefits from a clear succession structure, regardless of whether the owners are related.