Succession planning is the process of determining how to take your business into the next generation. If you are a business owner, you may be considering whether you plan to have family continue to operate the business now and after your death, or whether the business should be liquidated. Determining which course to take requires careful consideration and experienced legal counsel.
We can assist you in creating a succession plan tailored to your business. The plan would address subsequent ownership and management of the business. Should the business be transferred during your lifetime or after death? What is the vision of the individuals who will take over the business? Will the same individual own and manage the business, or will separate individuals handle these tasks? What can be done now to prepare for the time when the business transfers? How will individuals be trained to carry the business forward, and what can be done to retain individuals who are key to the business’ success? In order for a business to succeed after a transfer of ownership, determining these issues is critical.
Sometimes families do not want the business to continue. They would prefer to determine how best to liquidate the business and use the assets for greater financial stability.
Whichever route you choose, and even if you do not know whether you should transfer or liquidate your business, our skilled attorneys can guide you through the considerations in making this determination and develop a concrete plan for your business.