Business And Succession Planning

Developing an effective succession plan is one of the most important steps you can take to provide a strategy for the continued success of your business for future generations. Succession planning develops a framework for the smooth transition from you to the next generations.

In uncertain economic times, it is more crucial than ever to ensure that your business is well-prepared to move into the future. Sadly, many businesses do not survive the first generation due to the loss of a key employee or the lack of a transitional plan.

In order to protect you, your family and the future of your business, you need to contact a skilled and resourceful business planning attorney as soon as you can. At WealthPLAN, PC, our team of lawyers is experienced in developing an effective business succession plan. Companies may consider different choices of entities that can ensure that your family business or partnership will continue to thrive after your departure.

The choice of entity will impact developing an optimal strategy for success. Some examples of business entities include:

• Corporations
• Limited liability companies
• Partnerships / limited partnerships

When you want to make sure that the future of your business – as well as the future of your family – is protected, you may choose from a number of succession plans. A buy-sell agreement or a life insurance policy agreement between partners can make any future transition of ownership relatively smooth and keep your business healthy and progressive.

Choosing a succession plan for your business can be difficult, and our firm will examine your situation from a number of perspectives in order to make an informed recommendation.

Protecting Your Business For Future Generations

WealthPLAN, PC, appreciates how hard our clients work to create their wealth and may be able to help you provide for a comfortable retirement as well as a workable strategy to transfer your business. The laws governing business, succession and taxation are very complex and frequently changing. Our firm will work closely with you to help you navigate the shifting legal landscape that can impact your business.

We have decades of experience helping people plan for the future. Contact a knowledgeable firm as soon as you can to protect yourself, your family and the future of your business.