One of the areas of practice at my law firm is Business Succession Planning.
Like many other types of planning, people may not realize the true value
of creating a proper plan until it is too late.
As with anything I do in Estate Planning, it is most important that I am
first able to develop a meaningful relationship with you. This is key
because all parties involved must be comfortable with the services I am
supplying them, and this comfort stems directly from trust that we develop
in our relationship. With a secure, trustful relationship, we will have
a stable foundation to setup the optimum plan for you.
Now, the ideal Business Succession Plan is different for each person, because
each business has different goals, worth, and personnel. We take each
unique aspect of your business into account, and work with you to determine
what is best for you. This includes much more than deciding who will take
over your share of the company when you're gone, although that is
often a very important point. That being said, here are some common, but
important questions you may want to have answered by your business succession
- How can we structure a business succession plan so that I can avoid unnecessary
taxation when I want to pass my business on to my family, partners, etc?
- How can I maintain control of my business from now until then?
- How can I avoid my family having to pay unnecessary taxes or probate costs
on my business when I die?
- How can I ensure my family and loved ones who aren't running the business
will not be excluded?
Business Succession Planning should add value to your business. This is
done by addressing and preventing any issues your company may face, meeting
with everyone involved in your business to coordinate efforts, and giving
you and your loved ones peace of mind.
Even if you do not see any potential pitfalls for your business in the
near future, "it's better to be safe than sorry", and in
this scenario "safe" is developing an effective Business Succession
Plan. Remember the longer you wait to make and execute a plan, the more
likely it is that tax problems and other issues will be difficult if not
impossible to avoid. To pursue solid protection for your business, contact us.