Business succession planning helps you make advanced legal determinations for the future of your business, the interests of your partners, the ownership of your family or specific family members, and your potential interest in the dissolution of your business. It can also help you plan for future tax liabilities and other obligations. Our firm will take a comprehensive approach to your business planning needs to ensure that your personal interests and business operations are secured far into the future.
Our firm will help you plan for the future of your business, including:
- Helping you determine the best strategy for the life of your business
- Making planning decisions that will affect your partners and your family members should you become incapacitated
- Helping you solidify your legal plans for the future of your business and your family members
Cross-Purchase and Redemption Implementation and Design
Most companies and owners will benefit from the implementation of a cross-purchase agreement or redemption agreement among the owners. These agreements may be designed to be fully funded (using life insurance or other means) or to utilize private funds when needed, depending on the facts and circumstances of the business. There are significant tax and practical differences to be aware of between these two types of agreements.
Business succession planning focused on your personal goals and needs
Business succession planning can be a complicated process. Our firm will take the time to help you explore all of your options and alternatives as you proceed in business succession planning. We will work to understand your unique goals and potential complications and work to devise a tailored solution to suit your business and family needs.
Business owners face unique situations when planning for their future. They must determine the best strategy for the life of their business, their partners, employees and family. This can be a confusing process and there are often tax implications that can affect your future obligations and liability. It is important to contact an attorney to determine the best solution for your personal and business needs.