Along with the usual issues in mergers and acquisitions, the sale of a family business requires the management team and their lawyers to navigate family dynamics, unpack complex ownership structures, and deal with long-neglected legal issues. At each step, they must address both income and estate taxes in an ever-changing regulatory environment. The best results occur when the owners assemble a team of trusted, professional advisors who work collaboratively throughout the pre-sale process as well as during the transaction.

Often the trusted legal advisor to a family-owned business is the best "quarterback." He or she may be a skilled transactional generalist who rarely sees exit transactions and may or may not have any insight into the family's estate planning strategies. But regardless of the trusted lawyer's background, the family's confidence makes him or her a key player on the interdisciplinary team of advisors. That lawyer's history with the owners can be the best recipe for a successful transition as long as there is a clear understanding of the business goals and family dynamics, and an effort to communicate these key issues to the other specialists.

This article will help the trusted lawyer frame issues for the family and consider what specialty outside advisors should be added as key players on the team.