Business Succession Planning
Creating an Exit Strategy for Your Business
At the Law Offices of Steven M. Adler, PLLC, we assist small business owners with their business succession plans. Attorney Steven M. Adler has over 30 years of experience practicing business law, and he is admitted to practice before the state and federal courts and the United States Tax Court. As an attorney and licensed life insurance agent who personally responds to emails and calls on the same day, you will receive the professional guidance and legal representation you deserve.
For many entrepreneurs, maintaining positive cash flow and being compliant can be an ongoing battle that consumes a lot of their time. Even if retirement is a distance ahead, every business owner benefits from establishing a sound business succession plan. If you're a business owner who is nearing retirement, it's impossible to ignore succession planning.
Choosing a Successor for Your Business
Your business was built by years of hard work and long hours, and it's probably one of your most valuable assets. An asset that you will want to be in control of how it is transferred and to whom.
Selecting the right successor may be easy for some, but not so easy for others. Sometimes the logical choice is to sell the business outright, while other times a business is a legacy that a business owner wants to pass down to a trusted family member or valuable employee. Each candidate's strengths and weaknesses will need to be evaluated. On the other hand, partners who don't need a successor may simply sell their portion of the business to their partners through a buy-sell agreement.
At the Law Offices of Steven Adler, PLLC, we can help you with:
- Establishing a dollar value for your business
- Buy-sell agreements
- Life insurance as a standard transfer funding vehicle
- Key employee-purchase agreements
- Cross-purchase agreements
- Entity-purchase agreements
Why Do I Need a Business Succession Plan?
Since life is rather unpredictable, it's never too early to establish a business succession plan. A succession plan does many things; for instance, it ensures an agreeable price on a partner's share, it can prevent an external takeover due to cash flow problems, and it can prevent the need to liquidate business assets such as real estate property to cover the costs associated with a deceased partner's estate.
Proper succession planning is essential for every business owner, but it requires sound preparation by an experienced business law attorney. If you are seeking a smooth and equitable transition of your business interests, you should contact the Law Offices of Steven M. Adler, PLLC today.