How Can An Attorney Help With Business Succession Planning?
You worked very hard throughout your lifetime and took calculated risks to build your business and ensure it is successful. However, it is important to consider what will happen to your business if you pass away, retire, or become incapacitated. Issues such as daily operations, sales, industry know-how, and others can cause your business to fail in a very short period of time. However, with proper business succession planning, you can protect your company and ensure it helps your family for years to come. Below, one of our St. Petersburg business succession lawyers explains how we can help.
Help You Create a Long-Term Plan
An attorney can help you identify the goals, mission, and long-term vision of your business. This may include the retirement plans you have or want in place, help you identify your goals, and create a strategy to achieve them.
Determining the Right Succession Plan
There is more than one way to develop the succession plan that is right for you. You may want only members of your family to continue business operations, or you may think that other third parties, such as key shareholders, stakeholders, or employees, are more appropriate. An attorney can advise on the best course of action and help you create the best strategy that will meet your overall objectives.
Buy/Sell Agreements
In the event of disability, retirement, or death, a business succession plan will outline what will happen to your business. Just as adults should ensure they draft a will, a comprehensive business succession plan can help you determine what will happen to your company if you are no longer able to oversee daily operations. A buy/sell agreement can help plan for these changes and the future of the company.
Determining the Right Successor
Choosing the right successor is a very personal decision. Still, an attorney can provide impartial, responsive, and insightful legal advice that can help you determine who is the best successor for your business. A lawyer can also advise on who will take over key positions in the business and how to best structure the company for corporate, legal, and tax purposes.
Align Your Business Succession Plan with Your Estate Plan
Your business succession plan should be carefully aligned with your own personal estate plan. This is particularly true in the areas of disability plans, power of attorney, trusts, and wills. Our lawyers can work closely with you to ensure that all of your planning strategies are aligned and coordinated to minimize the risk of possible disputes or litigation.
Call Our Business Succession Planning Lawyer in St. Petersburg for a Consultation
If you are a business owner, protecting the future of your company is likely of great importance to you. At Legacy Protection Lawyers, LLP, our St. Petersburg business succession planning lawyer will carefully listen to your goals, determine the best way to move forward, and help you create a plan that will protect the future of your business, you, and your family. Call us today at 727-471-5868 or contact us online to request a consultation and to learn more about how we can help.
