In the April 2025 New Jersey Business Magazine article “Succession Planning 101,” Riker Danzig Tax partners Jason D. Navarino and Stephen J. Pagano offer crucial insights for business owners approaching retirement.
Jason, Chair of the Tax and Corporate groups, emphasized the financial benefits of early planning, telling NJ Business, "It's a matter of trying to convince people that we know what we're talking about. It really is cheaper and easier to do this, now. You may not want to spend a few thousand [dollars] to do this right now, but it's better than spending tens, if not hundreds of thousands of dollars down the road, when there's a dispute or something else going on." He also highlighted the coordination role attorneys play in the succession planning process, noting, "Oftentimes, we're the ones quarterbacking both within the [law] firm and outside the firm."
Steve, head of Riker Danzig’s Trusts and Estates group, emphasized that succession planning must carefully balance tax reduction strategies with ensuring the business owner has sufficient resources to maintain their desired retirement lifestyle. Steve said, "A lot of times with a business owner who is exiting, there's a question of what they can afford. So, [it is important to] have a qualified CPA and financial advisor who does a financial analysis of the business say, 'Okay, this is what you need to live the rest of your life -- the way you want to live it -- in retirement....' From my perspective as a trust and estates attorney, I'm being tasked with minimizing your estate gift tax. I could do that and leave you [without] money left over to live your life." Steve also emphasized the value of assembling a complete advisory team noting, "It is really [key] to have the full team in place when you're going through this process of succession planning: Early [on], [in the] middle, and [at the] end."
See Succession Planning 101 for the complete article.
