Business Succession Planning
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Business succession planning is a vital component of estate planning for business owners. A Last Will and Testament or Revocable Trust describes how the value of an estate is distributed to beneficiaries, but often much deeper planning is required to ensure that your business is transferred successfully after your death.
What is the Focus of Business Succession Planning
Estate planning typically involves personal finances. Business succession planning, on the other hand, focuses on those who own a business, are corporate leaders, or in another type of corporate or business partnership.
Here are some reasons to consider business succession planning:
- Ensuring your business stays within your family’s control
- Shareholders and principal employees can be offered a stake in the business
- Minimization of estate taxes
- It can provide job security to employees and piece of mind that the business will survive after your death. For example, succession planning can involve laying out your wishes to oversee day-to-day business operations, provide for other beneficiaries in the business, and continue training for employees who will manage the company. It can also involve arranging the hiring, training, retention, and employment of family members or valued employees
There are a multitude of other advantages to business succession planning. Speak with our Montgomery County estate planning lawyers for assistance! We can help you build the right foundation and provide you with the necessary tools to ensure your business continues being profitable.
We Can Safeguard Your Future—Call (281) 410-2792!
We have seen companies dissolve because of lack of preparation for the future. By having a business succession plan in place, you can find some comfort knowing that every aspect of your business is well taken care of. Our team of top-notch, experienced lawyers offer case consultations to get you started.
We are client-focused and dedicated to you. Do not hesitate to contact us with any questions you might have about the process.