Sarasota Business Succession Planning Attorney
Helping Business Owners Plan for the Future
If you spend years building a business, you want that business to continue to succeed even when you are out of the picture. There will come a time when you want to retire, or you might unexpectedly pass away or become incapacitated by illness or injury. If you cannot be present to run the company, who will take over?
Without an effective business succession plan, the absence of an owner can result in chaos and conflict, which can put the entire operation in jeopardy. To ensure that your company has a strong future after you cannot manage it anymore, you should discuss your options with an experienced Sarasota business succession planning lawyer. Consult with Inverso Law Group as soon as possible.
Protecting Your Valuable Business
When it comes time to create your succession plan - and it is never too early to do so - you want the guidance and advice of an experienced business attorney who can ensure you have a thorough and effective plan. We understand the importance of your business and its financial and emotional value to you and your family, and we can help create a plan that includes the following and more:
- Designating your successor
- Establishing a family trust to hold the business
- Determining what the business is worth
- Drafting an effective buy-sell agreement
- Purchasing the right life insurance policy
One of the most important considerations is who will succeed you in managing the business. You might want to pass the company down to your oldest adult child, but do they want it? Do they have the experience and intuition necessary to keep the business afloat? It is important to carefully consider your designation to ensure the effectiveness of your succession plan.
Benefits of a Business Succession Plan
A succession plan will ensure that ownership of the company transfers smoothly with limited - or no - disruptions of operations. If something happens to you and there is no plan in place, different people may argue over who should take over, which can result in a lengthy dispute, during which there can be a complete lack of management of the business. If you pass away without proper planning, your business ownership interests may even be tied up in probate for a period of time.
You can avoid these issues by creating a trust to hold your business interests, which will keep the business out of probate, and having a clear buy-sell agreement that indicates exactly how your business interests will be transferred. Taking the time to create an effective plan can protect what you have worked for, as well as reduce the stress on your family.
Contact a Sarasota Business Succession Planning Lawyer for More Information
The Inverso Law Group helps business owners plan for the future to ensure the continued success of their family-owned companies. We know the necessary steps to take for proper succession planning, so please call 941-926-6039 or contact us online to speak with us directly today.