Business succession planning, at its core, revolves around creating a future road map to continue the success of your business after your retirement, passing, or other scenario preventing you from running your business. A proper business succession plan outlines an exit strategy that does not compromise the success of the business, preserves harmony within a family, minimizes taxes, and facilitates retirement while keeping the business in the right hands when you are no longer at the helm. Your strategy should include whether you plan to sell your business, wind it down, or pass it down to a family member. Using several tools at their disposal, our attorneys can help you create short-term plans if your unexpected exit is not permanent, as well as those necessary for a long-term or permanent departure.
Planning the succession of your business will ensure the process goes smoothly when the time comes for you to no longer be involved, and that you are properly compensated for your contribution to the business without hindering the ongoing operational capacity of the business. We can help you balance all of these competing interests in a business succession environment by acting as a neutral third party, so that both the owner and successor are treated fairly during the transition.
If you are a business owner nearing retirement, we encourage you to pursue joint planning between one of our attorneys and your financial and tax professionals. Investment strategies, insurance needs, tax obligations, and estate planning can be quite complex and intertwined; they must be handled carefully and holistically. Together, we can help you employ the right tools to fit your unique retirement and estate plans.