As a business owner, a business succession plan may not be a major concern of yours until it is time to retire, or until someone makes an offer on your company, or until death or disability may leave your family in a position of suffering a forced sale of your business on less than favorable terms. In addition, one of the major issues facing many businesses is what would happen if one of the partners or primary operators are no longer able to perform their duties. It can be difficult to come up with the money necessary to buy out that individual or his/her heirs without affecting the operations of your company. However, an experienced business succession lawyer can help you draft the necessary documents to allow the business to continue its operations and be in the best position possible in any of these situations. Often, this includes drafting buy-sell agreements that will ensure a fair transition of ownership.
Whether a business is large or small, wildly successful or just scraping by, if there is no plan for this scenario, the business may fail. Whether you would prefer to see your company continue after you or your partner(s) exit or sell it to someone else, you need a business succession plan. This helps to ensure that the transition goes smoothly, the best interests of you and your family are protected, and the business is in the best position to succeed.
Whether you want to choose a family member or a third person or entity from outside your family to take over your business; or you are ready to sell your business, you can rely on our attorney to guide you through the process. Working with an attorney helps to limit your exposure to risk and ensuring that your interests are protected to the full extent of the law. In addition, it is essential that such important matters as limitation of tax liabilities, settlement or providing for future cover of existing disputes and limitation of non-compete obligations be examined to prevent future liability and avoid unnecessary future litigation.
We have worked with owners of both small and large businesses. We take the time to understand the motivations and needs of our clients. We have the experience and skills necessary to negotiate the issues that arise as a business succession planning lawyer. We are relentless in arguing for your best interests while maintaining the necessary diplomacy to get the job done effectively. Contact us today to discuss how we can help.