Business Succession Planning
The attorneys at Carnahan Evans PC, routinely represent family business owners wishing to plan an exit strategy for their business. We provide sophisticated tax and business advice regarding succession planning, helping our clients create personalized and effective plans for the future.
With many years of experience upon which to draw, our attorneys assist each client in maximizing his or her opportunities in order to create a multi-generational business that embodies the founder’s mission and values. We also assist with management succession planning to ensure the continuity of key positions within the organization. In addition, if a business owner is ready to hand over the reins, we can provide assistance in the sale of the business to a third party.
Planning Your Exit
Do you know how you will exit your business? Whether you view the fateful day with excitement or anxiety, you must have a business succession plan in place to ensure that the transaction goes smoothly. The plan may go into effect at a specified date (when you choose to retire) or it may enter the equation somewhat suddenly, in the event of a death or disability. As every business is different, you must create a personalized plan that fits your company’s structure and goals for the future.
A sound succession plan will benefit the owners, partners, and employees of a business. For example, some of the advantages of business succession planning include the following:
- An effective succession plan provides everyone involved with peace of mind. If the owner passes away unexpectedly, the business will be in safe hands. The business owner will retain control over the business’s future as opposed to the government and various attorneys.
- Creating a succession plan will help you think about the company’s big picture. Instead of just focusing on the people at the top of the organization, consider all levels of employees, plans for future income, employee benefits, and more.
- Employees will better understand the organization and its goals. Some will even learn more about their value and place in the company, which could affect their aspirations and career plans.
- The owner’s successor can begin planning and training for the future. Their appointment will also eliminate confusion amongst other people who may have hoped to take on the role after the owner’s exit.
Choosing a Successor
Many business owners wish for their business to continue after they retire or pass away. However, selecting a successor can be tricky. If you don’t have a prepared and experienced inheritor on deck, such as a family member or assistant, you will need to weigh your options. Carefully consider the strengths and weaknesses of your candidates before making a decision. Once you have selected your successor, develop a formal training program, establish a timeline for shifting control of the company, prepare for retirement, and then install your successor (ideally within your lifetime).
Combining our legal skills with business acumen, the attorneys at Carnahan Evans assist clients in charting a course for success that incorporates current business operations and business succession planning.
It is never too early to start planning for the future of your business. When you’re ready to discuss business succession planning, schedule a consultation with Carnahan Evans PC Contact our law firm today by telephoning us at 417-319-7405, e-mailing us at firstname.lastname@example.org, or completing a contact form online. We look forward to hearing from you.