Business Succession Planning
Have you ever considered what will happen to your business if you pass away? Or if sudden sickness or retirement of the owners or managers of the business overcomes it? Our firm helps businesses plan for the future, taking into account unexpected situations. Let us help you protect your business through business succession planning.
With and Without a Business Succession Plan
Without a proper business succession plan, your business can be handed-off to the wrong person. It can also become part of your probate estate or be taken by your business partners. Shareholders might not want to invest in the company due to instability. Employees might become fearful of their future and they may leave the company. Get control of your business' future and devise a plan that dictates the terms of diving your interest when you no longer have one.
With a Business Succession Plan
A firm with experience in business succession planning can help alleviate a business owner, its employees and business associates of the unknown to come. The objective is to maintain the mission and goals of the business while transitioning into a new chapter.
Business succession planning should address the following:
Maintaining control of the business within the family.
Maintaining control with the current business partners or shareholders.
Coordinating your estate planning and business objectives together.
Preserving the mission and vision of the company.
Having the necessary financial means to respond to any unforeseen circumstances.
Maintaining an organizational structure of shareholders, managers, and employees.
There are many factors that go into business succession planning. An experienced attorney can tailor your plan to meet your business' needs.