Business Succession Planning
Every business owner needs to have a well-planned business succession strategy in place—whether to pass the business to the next generation, to sell, or to go public. Planning ahead of time will not only make the process easier when the time comes to transfer ownership, it will protect the business assets that you have worked so hard to create. Even if you think an exit strategy and a succession plan will not be utilized for many years, you need to plan now. Life is unpredictable – you don’t want the succession of your business to be.
Our attorneys help business owners plan for succession long before the need arises and handle the transfer of ownership when the time is right. Business owners have several different exit strategies available to them when they are ready to transfer business ownership. Some family business owners may have an heir or other family member who is willing and able to assume leadership of the business. However, even when this is the case, the failure to develop such person’s knowledge of the business and to effectively plan for the transfer of ownership and management of the business can put the business at risk.
If no one in the next generation is going to assume command, going public, selling to another individual or corporation, or even liquidating the business assets may be desirable and/or necessary. Of course, each exit strategy has its own set of legal and financial challenges. A well-crafted business succession plan can insure these issues are skillfully handled.
Whether dealing with a small, family-owned business or a large corporation, we strive to minimize the uncertainty and financial risk of business succession. Our goal is to ensure that business assets and our clients’ legacies are preserved, whether we are handling a buy/sell agreement, capital restructuring, shareholder agreement issue, successor issue, or insurance policy modification.
Do not put your business or your legacy in jeopardy. Speak with an experienced business succession attorney today for assistance in such areas as:
- Business Owners’ Estate Planning, Asset protection, and Business Succession Planning
- Exit Strategies
- Buy-Sell Agreements
- Capital Restructuring
- Shareholder Agreements
- Insurance Policy Modification