Making a Smart Plan for Business Succession
We help entrepreneurs and business leaders plan for the future
If you have built a business from the ground up, you are likely concerned about what may happen when you retire or if the unexpected occurs. Controlling the succession of a business can be complex, especially if other stakeholders are involved. Providing for the orderly transfer of a functioning business while avoiding tax consequences and other issues requires planning and foresight. Our attorneys can help you take the steps necessary to ensure the business you worked so hard to build continues to provide support and security to your loved ones for years to come.
Steps to planning for business succession
Preparing for the succession of your business begins before formation even takes place. One of the many considerations in selecting an appropriate business structure is the degree of control you want to be able to maintain. Keeping a business in the family may mean deciding on a form that allows for a greater degree of control or drafting formative documents that allow you to transfer your ownership interest freely.
Our attorneys work with entrepreneurs to form new business entities that fit their needs. We can help you structure your business in a way that makes it easily transferable to the people you chose. If your business has already been formed, our attorneys can help you make the changes necessary — including negotiating with other stakeholders — to facilitate your succession goals.
We understand how to title and structure businesses to prevent disruption upon the death or incapacity of a primary owner or stakeholder.