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:
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.