Business Succession Planning 101

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 planning attorney:

  • 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.