Business Succession Planning
Effective Exit Strategies
If you have a business it is never too early to create a business succession plan. Planning for a future for your business is not only good for everyone involved but it sets your business up for continued success. Even if your retirement is a long way off, having a succession plan in place in the event the unexpected happens is essential to preventing your business from being crippled by your absence. Afterall, the end of your business tenure should not mean the end of your business.
What is a Business Succession Plan?
A business succession plan is a document that details the necessary information for a smooth transition of control and ownership in the event of a sale, retirement, or other unexpected event such as death or incapacity. An effective business exit plan will include detailed directives and other critical information that a successor will need to take control and effectively manage the day-to-day operations of the business. Failure to prepare a business succession can be crippling, leaving both the business and those involved filed with uncertainty and conflict.
What Business Needs a Succession Plan?
Business succession plans are not only for large scale businesses or those with complex ownership structures, exit plans benefit all businesses including those who anticipate passing a business to co-owners, family members, or even to third-party buyers.
Careful planning not only allows you to remain in control of the business in order to facilitate the continued growth of your business but also helps ensure your business has sufficient support and funds needed during a critical transaction period. Providing a successor with the peace of mind and authority to take control of the business in an orderly and thought out fashion can go a long way in alleviating stress to those who have a stake in the business, including family and key employees.
For those businesses that are owned by a sole owner and unincorporated it is even more important to have a plan in place to ensure a business’ continued prosperity. In the event of the owner’s death, the business ownership will dissolve. Leaving the business and its assets included in the owners’ estate and distributed to the beneficiaries provided in a will or through probate, in the absence of a will.
Do I Need an Attorney to Create a Business Succession Plan?
Business succession plans require careful thought and consideration. And while each plan will be unique based on the type, complexity and individual preferences of the business, all plans should include detailed procedures and responsibilities for continued business operations. In addition, a comprehensive plan will include a variety of other legal documents such as a business valuation, tax documents, buy-sell agreement, and asset inventories.
At North Carolina Estate Planning & Fiduciary Law in Charlotte, NC, our attorneys provide a full spectrum of legal services for business owners, in all stages of business, ranging from single owner businesses and startups, to complex, multi ownership structures. By understanding the intricate details and legal strategies available, we can help you reach your current and long term goals and build a legacy you can proudly pass down.
Our attorneys at North Carolina Estate Planning & Fiduciary Law, are well versed in all estate and business planning issues, including effective business succession planning. We know that the key in a successful business is having a knowledgeable attorney assist you through all stages of your business. Regardless of how you intend to transition your business ownership we can help guide you in planning for your future through effective estate and business planning.
Whether you need assistance in preparing a comprehensive business and succession plan, or help establishing tax-efficient entities contact us for a confidential consultation at 704-248-6325 or complete our online form here.
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