Family Business Succession in Louisville, KY

Built For Louisville Owners And Families

Continuity planning that respects your work and your relationships

Family business succession in Louisville, KY is about more than documents-it's people, timing, and cash flow. From shops along Bardstown Road to manufacturers near Hurstbourne Parkway and professional practices in St. Matthews, Cochran Gersh Law Office designs transitions that keep operations steady while leadership changes.

Why Succession Planning Matters

Keep the business running when you step back

A written plan protects employees, customers, lenders, and the next generation. We map leadership roles, voting and non-voting interests, compensation for active children, and fair inheritances for those who aren't involved-so family and business can both thrive in Prospect, Middletown, and Jeffersontown.

Map Your Plan

Successor Training And Governance

Prepare the next leader before day one

We outline skill development, ride-alongs, decision rights, and milestone check-ins. Simple governance-an advisory board, meeting rhythm, and written agendas-keeps everyone aligned from the shop floor to the front office.

Set Governance

Fairness For Non-Active Heirs

Equal isn't always fair-let's define both

When only some children work in the company, we balance control and inheritance with voting/non-voting equity, promissory notes, or insurance to equalize. We coordinate with your personal estate planning so business and non-business assets support the overall picture.

Balance Interests

Taxes, Valuation, And Entity Choices

Make numbers support the plan-not drive it

We coordinate valuations, staged transfers, and entity tweaks (LLC, S-corp, FLP) with your CPA. The right structure makes buyouts workable and keeps lenders comfortable. For co-owner dynamics, we often pair this with buy-sell agreements that set price and process.

Review With CPA

Our Process

From vision to signed documents

Discovery on goals and family roles.
Successor and timeline mapping.
Draft governance and transfer terms. 
Funding and rollout with advisors.
Cochran Gersh Law Office keeps each step practical and on schedule.

Cochran Gersh Law Office keeps you informed at every turn.

Answers To Family Succession Questions

Five practical answers for Louisville owners

  • How early should we start succession?

    Ideally 2-5 years before a target transition. That window lets you train successors, align lenders, and stage equity transfers without disrupting cash flow.


  • Can we keep parental income without stalling the kids?

    Yes-tools like preferred returns, consulting agreements, or partial redemptions can fund retirement while letting new leaders invest in growth.


  • What if not all children want ownership?

    Use voting and non-voting interests, targeted life insurance, or non-business assets to equalize. We document expectations so family holidays stay peaceful.


  • Do we need formal governance?

    A light advisory board and quarterly meetings reduce surprises and help successors learn to lead with accountability.


  • How do we choose a valuation method?

    Match the method to the business model-capitalization of earnings, market multiples, or independent appraisal. We align this with your buy-sell agreements to avoid pricing fights later.


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