Business Succession
Business succession planning helps ensure your business keeps running smoothly if you pass away or become disabled.
A well-crafted business succession plan also ensures your business interests are transferred to your beneficiaries according to your wishes.
If you’re married, succession planning can protect your spouse from being pushed out by partners or investors.
With the right guidance, business succession planning safeguards both your company and your family’s future.
Working with an experienced attorney is crucial. We’ve guided countless business owners through this process and can help you protect your business and your family’s future.
Frequently Asked Questions
What is the most important document in a business succession plan?
The most important document in the business succession planning is a buy-sell agreement, which would include specific management and operational provisions in case of your incapacity or death. A buy-sell agreement needs to be carefully drafted and funded either through an insurance policy or earnings from the business itself.
What issues does a business succession plan cover?
In addition to the management of your business and continuity of its operations, business succession planning can also address qualified retirement accounts, defined benefit plans, restricted stock and stock options, and business interests in other LLCs or corporations.
Can my Successor Trustee continue my business?
For your successor trustee to be able to manage and operate your business, such authorizations have to be specifically included in your trust agreement as well as your company’s documents.
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