Business Succession Planning for Small Business Owners in Maine

Protect What You’ve Built. Pass It On with Confidence.

Safeguarding the Future of Your Business and Family

Family businesses are the backbone of Maine’s economy — but many don’t survive beyond the first or second generation. At Paul O. Dillon Attorney at Law, we help small business owners plan ahead so that retirement, incapacity, or unexpected life changes don’t jeopardize the business or the people who rely on it.



Whether you own a farm, local shop, or professional practice, we help you plan your exit strategy and secure your legacy.

Exit on Your Terms. Protect What You've Built.

Why Business Succession Planning Matters

Without a well-crafted plan, even a thriving business can unravel quickly during a transfer. Business succession planning ensures:


  • The right person takes over operations.
  • Your family or spouse is financially protected.
  • The business can survive estate taxes or disputes.
  • Ownership changes happen smoothly and legally.


Our goal is to help you exit or transfer your business on your own terms — with legal protections in place to preserve both assets and relationships.

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How We Help

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1. Exit Planning for Business Owners

We help you clarify who should take over, when, and how to protect family members who aren’t part of the business.
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2. Estate Tax & Liquidity Planning

We design strategies to protect your family and business from estate tax burdens or forced sales after your death.
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3. Business Buy-Sell Agreements (BSA)

We draft and review agreements that trigger smooth transfers during retirement, death, or disability — ensuring legal clarity and financial backing.
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4. Selecting the Right BSA Format

We help you evaluate options like Entity Purchase, Cross-Purchase, Wait-and-See, or One-Way Buy-Sell Agreements.
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5. Funding the Transfer

We recommend funding options — including life or disability insurance — to ensure the purchase obligation can be met without financial strain.
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6. Coordination With Estate & Financial Plans

We align your business succession plan with your estate plan, insurance, and retirement goals to protect everything you've built.

Our Process

We’re here to listen — Schedule a consult today.

Business succession planning isn't just about documents — it's about preparing people, preserving value, and protecting your life's work.

People
  • We begin by identifying the people who depend on your business — family, partners, employees, and customers. Then we talk about who should take over and how to protect everyone involved.
Property
  • Your business is likely one of your most valuable assets. We take inventory of its structure, value, liabilities, and liquidity needs — so we can plan accordingly for taxes, transfer, and future income.
Planning Your Exit
  • We help you create a clear, legally sound transition plan — whether you're selling, gifting, or gradually transferring your business. From buy-sell agreements to funding strategies, we make sure the path forward is strong and secure.
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FAQs

  • Why do most business transfers fail?

    Lack of planning. Without addressing people, taxes, and cash flow, many transitions break down — or never happen at all.

  • What’s the difference between an Entity and Cross-Purchase Agreement?

    An Entity BSA has the business buy the owner’s share. A Cross-Purchase BSA has other owners buy it. We help you choose what fits best.

  • Do I need life insurance for a buy-sell agreement?

    Yes. Insurance is often the most effective way to ensure funds are available to complete the transfer when needed.

  • Can I leave the business to my kids if they don’t work in it?

    You can — but we’ll help you explore options that ensure fairness and avoid future disputes between active and non-active heirs.

  • What if I want to sell to a key employee or third party?

    We create agreements and funding strategies that support both family and non-family successions.

  • What happens if I die without a succession plan?

    The business may face legal complications, family disagreements, tax burdens, or forced liquidation — all preventable with a plan.

Resources for Business Owners

  • Forbes: The Facts of Family Business
  • Conway Center for Family Business
  • Statistic Brain: Family Owned Business Statistics

Start the Conversation


Whether you’re years from retirement or planning to exit soon, now is the time to protect what you’ve built.