BUSINESS SUCCESSION PLANNING
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.