What is Business Succession Planning?

Every business owner is heavily invested in the success and future of his or her business and usually, the business comprises a large portion of his or her estate, monetarily or emotionally.  How do you plan to exit your business if you die, suffer a disability or want to retire?  Do you want to ensure that your business will continue, and your employees are employed in any of those events?  Do you intend to sell your business to a trusted employee, a third-party or do you want to pass it to other family members?  Exit options include an outright sale, a gradual sale or perhaps even a lease.

Are you selling the assets of your company or the company itself?  Why would a buyer not want to buy the whole company versus only the assets of the company?

If transferred to a family member is the transfer accomplished through a sale to the family member or through gifting utilizing a family limited partnership or limited liability company.  Other options may include a sale to an intentionally defective grantor trust or other estate planning vehicles.  If the transfer is made to one family member over another, how do you ensure that your estate is equalized so that all your family members are treated appropriately?  Our business law attorneys can help with issues if you want to sell your business, transfer it to your family or employees or just ensure that it will continue in the event of your incapacity, retirement, death or disability.