BUSINESS SUCCESSION PLANNING


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Once a business is off the ground, it is important for any business owner to contemplate the eventual transfer of ownership and develop a sound business succession plan.

A business succession plan is imperative to decide now who you want to own and manage your business when you retire or should something unexpected happen to you. A comprehensive plan will address several potential issues; including:

  • Ensuring continuous operations in the event of the departure or death of a key business owner/partner.
  • Reducing the risk of shareholder disputes related to control of the company.
  • Ensuring that the business owner still guides the overall direction even after surrendering day-to-day control.
  • Establishing varying degrees of control for the business successor(s).
  • Drafting buy/sell agreements among the various owners and/or stockholders.
  • Protecting the business assets.
  • Minimizing gift and estate tax consequences.

The tools used to create your business succession plan will vary depending on your individual business and family circumstances. As such, A|Squared Legal Group will take the time to thoroughly analyze your needs to determine which tools will be most effective in accomplishing your desired outcomes.

 

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