Helping You Exercise Your Business Succession Options
If you make a comprehensive plan for the transfer or sale of your business to the next generation, you increase your company’s chance for long-term success. At Bateman & Bateman, P.C., in Knoxville, we know that proactive planning with the counsel of a skilled business law attorney enables you to consider and fully execute a strong business succession plan.
Why You Need A Plan In Place
The company that you worked so hard to build is nothing to take to chance. Having a plan in place will help your business seamlessly transition in the event of your:
- Unexpected disability
If you are the owner of an enterprise, a business succession plan is an essential part of a solid estate plan.
Components Of A Succession Plan
Depending on your goals, here is an idea of some succession plan elements:
- Designation of who will run the business
- A sale agreement or limited partnership with family members
- Initiation of a limited partnership with family members
- Establishment of a retirement income stream
- Planning to minimize tax exposure
The type of planning differs, for instance, if you gift the business to an heir rather than sell to family members or an outside party. Depending on your company’s situation, the best option may be to close the business and liquidate assets. A business succession planning attorney can help you ensure that all assets, from tools and equipment to buy-sell agreements and non-compete agreements, are structured properly to protect your plans for the business. Legal representation throughout the planning process is crucial to ensure that all arrangements are valid.
Find Out More Today
Find out how Bateman & Bateman, P.C., can use our several decades of business law experience to help you plan succession. Give us a call at 800-264-0041 or email us to schedule an initial consultation.