Business Succession Planning is essential for protecting your interest in a co-owned business and is an integral part of every business co-owner’s individual Estate Planning.
Often businesses evolve without much planning. Most people don’t bother to think about what they would do if their business co-owner got ill or injured and was forced to retire let alone what would happen to the business if the partner died or they got in a dispute.
Without proper planning a co-owner may find themselves in business with a former co-owner’s executor, attorney, spouse or other beneficiary and without any ability to buy out their share of the business.
Problems associated with a business owner suffering an untimely death or injury, as well as disputes between co-owners, both of which often lead to the financial ruin of the business, can be managed or avoided by the implementation of appropriate Business Succession Planning Agreements and related insurances.
The avoidance of these problems will actually protect you and your family by ensuring you can buy a co-owner out of the business or get market value for your share of the business when you need to.
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“Business Succession Planning” involves:
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We offer a comprehensive Business Succession Planning service which complements our Advanced Estate Planning and Business and Risk Advisory service for business owners. Our experienced Commercial and Estate Planning Lawyers assist co-owners of businesses to make and implement plans and agreements appropriate for their Business Succession Planning needs.
Business Succession Planning generally covers:
