A knowledgeable attorney is critical to business succession planning, if only because you will probably only go through the process once, while the experienced attorney may have already handled dozens of such cases. A good attorney can help separate the emotional issues and practical considerations, guide you and stakeholders through the many steps, and preserve vital records for future use. Business succession planning also involves legal paperwork that, in most cases, only a business attorney is qualified to handle. Multiple Strands When talking about business succession planning, the business owner needs to realize the difference between the ideal and the emergency, between the perfectly timed succession and the unexpected succession borne of disaster. These multiple strands must be kept untangled, too, and here an attorney is key to the process. Consider the various ways a business might change ownership:
Wise Counsel An attorney working with you on business succession planning will listen, carefully, to your ideal transition. Hearing your desires about the business you created, your attorney can suggest ways to protect those dreams and preserve the business. Suppose you want to sell your business and enjoy the profits of your many years of labor and sacrifice. An attorney who understands and appreciates your entire plan can draw up the necessary transfer papers, resolutions and detailed notes regarding the succession. Answers without questions working long hours with little or no vacation has probably left you little time to consider all the aspects of business succession planning. Some questions may never have occurred to you, but a good business attorney knows not only the right questions, but their answers as well:
Family Ties One of the most joyous aspects of detailed business succession planning is determining the distribution to family members. Handing a business over to future generations not only preserves the great work you did in creating the business, it strengthens the family bonds that support the venture. Tied into that plan is estate planning, protecting your rights as the seller, and preserving liquidity for yourself in retirement. With all these issues, an attorney’s advice is not only helpful, but fundamental. To-Do A simple checklist of business succession planning can help you begin the conversation. This is intended only as a discussion starter, not a finished agenda:
Carosella & Associates located in West Chester, PA have vast experience with business succession planning. Contact our offices today for a consultation so that we can help you plan for the future of your business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
May 2023
Categories
All
|