Business owners must plan effectively for the fate of their company’s operations upon their own death, retirement, or other triggering event that requires new ownership and/or new management of the organization. Owners must plan early and often to mitigate a variety of issues around taxation and risk, as well as issues pertaining to their personal lives. The attorneys of the Forrest Firm are ready to help you work through the strategic issues related to business succession planning.
Proper business succession planning affords business owners the appropriate time and consideration of concepts like valuation of the business, aligning their personal needs with those of the company, and relationships with their colleagues and family members. Perhaps most importantly, consistently executed business succession planning offers owners the greatest amount of options and ultimate control over their personal destiny and that of the company they’ve worked so hard to build.
At the heart of succession planning is goal setting. Whether it’s your goal to sell the company to your partners or employees, cash out, or leave a legacy income to your family by transferring ownership to children or siblings, taking the time to plan for your own exit will enable you to reach your goals. At the Forrest Firm, our experience in dealing with issues surrounding life, death, asset transfer, taxation, and issues related to both personal estates and businesses will empower you to make the right decisions for your family and your business.