Zanesville Attorneys Manage Business Succession Planning
Combining business law and estate planning services to meet your needs
When it comes to business succession planning, Stubbins, Watson & Bryan Co., L.P.A. is uniquely situated to assist business owners. Our business attorneys have decades of experience managing legal issues from formation to dissolution, including ownership structures and the purchase and sale of businesses. The costs involved to form the appropriate business entity may be more affordable than you might think. Our estate planning attorneys work extensively on transfer plans for significant assets, including family businesses and medical practices. We are familiar with different asset structures and trusts that minimize the tax consequences of ownership transfers.
Deciding whether the family business should stay in the family
Deciding whether to pass a business on to family members requires several considerations:
- Are the family members passionate about the business?
- Do the family members have the wherewithal to run the business?
- Are the family members capable of working together on the business?
- Would the business run more efficiently in the hands of one heir?
- Is one family member interested in eventually buying out the other heirs?
- Is there a trusted employee who could better run the business?
If an objective examination of these questions suggests that the business will maintain its value while remaining in the family, we can set up a transition plan that suits the owner’s goals and the interests of the family members. However, if it’s likely the business will lose value, the owner must consider other options. Selling the business while it is operating profitably may be better for all concerned. However, if a trusted employee can manage operations, a retired owner may delay a formal transfer of ownership as long as a plan is made for contingencies, such as the owner’s death or incapacity.
Business exit planning maintains the owner’s standard of living in retirement
One of the most important objectives in business succession planning is to provide the owner with income during retirement. For that reason, we counsel owners to be more concerned with keeping the business viable than keeping it in the family. Of course, we cannot discount an owner’s emotional attachment to a business and the degree of joy the owner would derive from continued contact. We work with business owners to create business exit plans that protect the owner’s income and other interests.
Setting up a transition plan in case of owner death or disability
Your business succession plan should have a formal timetable for transfer of ownership, but not everything in life happens according to schedule. Our business attorneys draft shareholder agreements with contingencies for the withdrawal of a major shareholder. Our estate planning lawyers draft wills and trust instruments that allow for smooth succession while minimizing tax consequences.
Contact our knowledgeable attorneys for business succession planning in Zanesville
Owners of closely held businesses must have succession plans that protect their heirs and provide the owners with income in retirement. Stubbins, Watson & Bryan Co., L.P.A. combines excellent business law and estate planning services to devise business exit plans that meet your goals. To schedule an appointment, call us at 740.452.8484 or contact our Zanesville office online.