You may have made decisions about how you want to distribute your personal estate plans. But do you have a plan for your family business? One tool that many privately owned businesses could use to prevent issues down the line is a business succession plan. This, in conjunction with your will or trust, can ensure a smooth transition for your business from one generation to another.
Privately owned businesses of all sizes should work to create a business succession plan to make their goals a reality. An attorney can offer creative solutions to ensure the business you’ve built up remains your steadfast legacy as its ownership and management transitions to another generation. An attorney may tailor a transition plan based on your business and goals and with the following issues in mind:
- Buy Sell Agreements
- Your General Estate Plans
- Multiple Owner Issues
- Financing of Buyouts
- Business and Share Valuation
- The Nature of Your Business
- Changes in the Industry and Market
- Consolidating or Expanding
- Personal Guarantees
- Insurance Issues
- Cross Purchase Trusts
- Liabilities
- Corporate Governing Documents
- Company’s Property, Such as Real Estate, Goodwill, Products, and Intellectual Property
- Employee and Consulting Agreements
- Major Contracts, Bidding Issues
- DBE Status
- Government Regulations
- Work with Your CPA on Accounting and Tax Planning
Addressing these issues now could prevent a troubled transition for your company down the road, preserving your family business and keeping your legacy alive. Consult an attorney who can recognize and address these issues now to pave the way for a smooth business transfer in the future.
Click here for a PDF version of this article outlined by Goosmann Law Firm, PLC Attorney Emilee Boyle Gehling.
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