November 26, 2012 - 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. Information contained herein is not to be considered as legal advice.

Subscribe Our Blog

Posts by Topic

DISCLAIMER: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. By visiting this website, blog, or post you understand that there is no attorney client relationship between you and the Goosmann Law Firm attorneys and website publisher. No information contained in this post should be construed as legal advice from Goosmann Law Firm, PLC, or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.