All too often a business succession plan does not come top of mind until it is time to retire, someone makes an offer on your company, or until a death or disability leaves your family in a position of suffering a forced sale of your business on less than favorable terms. Another issue facing joint business owners is what happens if one of the partners or primary operators can no longer perform their duties. It can be strenuous to produce the money necessary to buy out that individual or his/her heirs without affecting the company’s operations. However, an experienced business succession lawyer can help you draft the necessary documents to allow the business to continue operations and be in the best position possible in any of these situations. Often, this includes drafting buy-sell agreements that will ensure a fair transition of ownership.
Whether you would prefer to see your company continue after you or your partner(s) exit or sell it to someone else, you need a business succession plan. The plan helps to ensure that the transition goes smoothly, the best interests of you and your family are protected, and the business is in the best position to succeed.
Whether you want to choose a family member or a third person or entity from outside your family to take over your business or you are ready to sell your business, you can rely on our attorney to guide you through the process. Working with an attorney limits your exposure to risk and ensures that your interests are protected to the full extent of the law. In addition, it is essential that important matters such as limitation of tax liabilities, settlement or providing for future cover of existing disputes and limitation of non-compete obligations be examined to prevent future liability and avoid unnecessary future litigation.
We have worked with owners of both small and large businesses. We take the time to understand the motivations and needs of our clients. As business succession planning lawyers, we have the experience and skills necessary to negotiate issues. We relentlessly advocate your best interests while maintaining the diplomacy to get the job done effectively. Contact us to discuss how we can help.