Succession Planning For Business Owners
Business That We Can Form For You:
- Single Member LLC
- Manager Managed LLC
- Real Estate LLC
- “S” Corporation
- “C” Corporation
For each of these we can create individualized formation documents that fit your company
Why Do You Need Succession Planning?
Just as families have to plan and prepare for transitions from one generation to the next, so must businesses.
You have spent a lot of time, money, and energy building up your business, what do you want to happen to it after you are gone?
Whether you have decided that it is time to move on to another business, time to retire, or you are considering what will happen after you pass away, it is vital to start thinking about that transition now.
Often we put your ownership interest in your revocable living trust so that it can pass as part of your estate. That solves the ownership/control issue, but it does not solve the problem of finding someone to take on the key tasks that you currently perform for your business.
Succession Tools We Often Use:
- Buy-Sell Agreements
- Promotion internally
- Life insurance to allow employees to purchase the company
- Partnership buy-outs
- Locating possible partners for a merger
- Placing ownership in trust