Are you a business owner thinking about business succession? Are you concerned about leaving a mess for your spouse and your estate administrator? Do you consider yourself the steward of your family assets? Do you feel responsibility for all your constituencies – your family, your employees, your employees’ families, your clients and customers? Then I can assure you of the sense of relief you will have when your business succession plan is in place.
There are three main options that you should consider. Then you should consider how prepared are you to undertake any of those options with minimal risk and maximum chance of success.
Sales to Co-Owners
- If sales to your co-owners is your most likely succession plan, are you prepared for the departure of a co-owner? Do you even have a Buy-Sell Agreement? If you do have one, how long ago was it created? When you adopted it, did you focus on all the situations that are more likely to come up now than when you formed the business? Are you sure that your agreement addresses the likely succession situations that are to come up among you and your co-owners?
Sales to Employees
- If selling to your key employees or junior associates is your best succession plan, do you have any idea how to accomplish that with minimal risk to yourself, while also structuring the sale so your successors can afford it?
Sales to Outsiders (M&A)
- If a sale to outside third parties is your plan, have you done everything you can to optimize your business and its assets to achieve highest value? Are you and your advisors prepared for a sale?
As a business succession attorney,
I can help you with all these situations.
I help you with “The Most Important Transaction of Your Life”
Click here to see what kinds of problems can occur if multiple owners start a Corporation or LLC without a Buy-Sell Agreement, Operating Agreement or similar.
Click here for examples of the kinds of problems that can occur if a Buy-Sell Agreement, Operating Agreement or Similar Agreement is out of date.
Click here to find out about my fixed fee approach to legal services.
Contact me to learn more.