Estate and Business Succession Planning for Business Owners

Estate and Business Succession Planning for Business Owners

Estate and Business Succession Planning

Business succession planning generally involves addressing who will succeed the management and ownership functions of the business as well as the disposition of ownership interests if you are unable to due to death, disability, divorce or retirement. The plan may include details addressing how to transfer or modify your interests in order to make such transitions as clear and seamless as possible. Detailing these matters in advance can eliminate much of the stress, confusion, and possible litigation which could arise in absence of succession planning. Some key issues that should be considered include:

Woods Law Group designs custom plans for business owners and entrepreneurs looking to protect the continuity of their business interests. We’ll work closely with you to understand your vision and wishes and customize a plan that ensures the business you’ve built, along with your assets and investments, are protected and seamlessly passed on as you wish.

Documents involved in succession planning generally include powers of attorney, buy-sell agreements, non-disclosure agreements, and general estate planning documents for all the owners of the business. Some of the documents involved will naturally depend on the type of business entity that makes up your business. Corporations often must adjust their corporate bylaws and shareholder agreements. LLCs may need to modify their operating agreement or member agreement. Partnerships will generally need to examine and reconsider their partnership agreement.

Your customized business succession plan will include all documents necessary to legally state how, where, when, and to whom your assets go, plans for incapacity in terms of health care and financial decisions, and any asset protection, new or existing business interests, planning for more complex assets such as restricted stock units (RSUs) or qualified retirement plans and more — depending on your needs.

A business succession planning attorney at Woods Law Group can help you through this process and explain the potential issues unique to your situation and give advice on how to best address those issues.

Our Commitment

Our team will represent you as if you are our family. We earn our clients’ trust and respect by adhering to the core values we consider a commitment to our clients: