Schenck, Price, Smith & King LLP Managing Partner Shares Knowledge On Succession Planning
John E. Ursin Offers Guidelines For Passing On A Family Business.
- Newark, NJ (1888PressRelease) June 20, 2025 - John E. Ursin, Managing Partner at Schenck, Price, Smith & King LLP was a recent guest on ‘The Business of Family’ with Host Tammy Buss.
In a wide-ranging interview, Ursin addressed succession planning in family businesses. He explained, “Frequently you find that the family business is the largest asset of the family and, at some point, it either has to be monetized for value, for retirement, or passed on through succession planning to either employees or family.”
Ursin emphasized the importance of proactively planning for unforeseen events that could disrupt business operations. He also highlighted the concept of the "5 Ds" — a framework frequently referenced in succession and risk planning discussions. “You will frequently hear a reference to the 5 Ds. The 5 Ds are death, disability, divorce, disagreement, and distress.”
Further elaborating, Ursin noted that each of these factors has the potential to significantly impact ownership structure, leadership continuity, and overall business performance. By anticipating these possibilities and building safeguards into operating agreements, buy-sell arrangements, and insurance coverage, businesses can protect themselves against disruption and ensure smoother transitions during times of uncertainty.
To listen to the episode in its entirety, please click here: https://bit.ly/4kJzSqe. For more information on the firm, please contact Deborah Cmielewski, Esq., Partner; Chair, Marketing and Business Development Committee at dac ( @ ) spsk dot com or 973-540-7327 dot
ABOUT JOHN E. URSIN:
John E. Ursin is Schneck Price’s Managing Partner and the Chair of the firm’s management committee. John is a member of the Firm's Corporate Practice, Insurance Defense, and Banking and Finance Practice Groups. He chairs Schenck Price's Government Law Practice Group, and the Firm's Land Use and Redevelopment Practice. He is a corporate attorney with expertise in a range of legal specialties, including extensive first chair litigation experience, risk management, and biochemistry.
He provides business focused representation as general counsel to corporations, small businesses, local government entities and non-profit organizations. John is accepted to the Bar in New Jersey, the Third Circuit US Court of Appeals, the US District Court of New Jersey and the US Supreme Court.
ABOUT SCHENCK, PRICE, SMITH & KING:
Schenck, Price, Smith & King is a full-service law firm with offices in Northern New Jersey and Manhattan, serving closely held, growing companies. For more than 110 years, Schenck Price has represented commercial businesses, individuals, public institutions and charitable organizations with excellence and integrity. We are proud that, in addition to their expertise and experience as legal practitioners, our attorneys have served in positions of leadership in public institutions, as well as community and charitable organizations.
Founded in 1912 as a two-person law firm in Morristown, Schenck Price has entered its second century of service as a firm of 80+ attorneys, serving virtually all legal needs of businesses and individuals. Our Firm’s long history of legal excellence in the areas of health care, education, construction, trust and estate planning, corporate law, real estate, insurance defense, banking and commercial litigation, has expanded as the Firm has grown. Our areas of practice also include telecommunications, technology, environmental law, corporate governance, labor and employment law, and family law. Many of our attorneys have been recognized as leaders in their respective practice areas.
ABOUT THE BUSINESS OF FAMILY:
The Business of Family podcast is designed to answer first and second-generation family business owners’ questions. Host Tammy Buss explores the difficulties of owning a family business, working with family, and helps listeners plan for the future of their business and its succession.
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