It’s Your Life’s Work — Don’t Throw It Away.
(A Business Succession Brainstorming Guide)
Need a Business Succession Planning Attorney?
Imagine this scenario…
You have worked hard your whole life. It is now time to step down.
What happens now? Have you giving it enough thought?
Our firm would be honored to step in to ensure that your business is left in a secure and thriving state when you step away. A Business Succession Planning Attorney can discuss with you all the necessary details and matters to be considered when you call us for a free consultation, but for now, let us help you by listing these five tips for succession viability.
1. What all your goals and objectives for the transfer?
What are the needs of your business? How will they be met? Do you plan on having your family involved and if so, how much? What professional assistance will be needed? What are your own financial needs that you would hope to have in place?
2. Who makes the decisions?
Do you have in writing the decision making process? How will dispute resolution be handled? How will you designate the stakeholders and their role?
3. Who are your successors?
Can you identify clearly who the successors will be? Are you able to list both active and non-active participants? How will they work together?
4. What business plan will you leave behind?
Can you address the taxation implications to the owner/business upon sale or transfer of ownership, death, or divorce? Have you drafted a thorough “Buy-Sell Agreement”? Do you have a good “Estate Plan” in place?
5. What is the transition plan?
Do you have a timeline in place? If the business is to be purchased, will it be self-financed or financed externally?
Although all of this can seem like a lot, it doesn’t have to be a burden. That is why we are here. Call us and let a A Business Succession Planning Attorney help you. We will get started right away and make sure “the work of your hands” is left in good hands.