Understanding Business Succession Planning
For individuals who have an ownership interest in a small or closely held business, incorporating business succession planning should be an integral part of estate planning. Your business is a major asset, and it is important to make clear how you want things handled if you plan for a retirement free of business decisions. Succession planning can also be useful for hammering out how to proceed with a company’s operation if one of the partners/owners can no longer participate in the running of the business due to death or disability.
Zimmerman & Walsh, LLP, represents clients in business and commercial law, family law and real estate transactions in addition to providing estate planning services. For this reason, our attorneys understand the many legal ramifications of business succession.
Planning For Four Common Succession Scenarios
Our firm’s attorneys can walk you through the potential consequences of changes in business ownership that include:
- Retirement of the original owner of a business
- The death or disability of an owner
- An owner wishing to transfer ownership of the enterprise to their family members
- The desire of a partner or owner to sell their shares of the business to a third party
Zimmerman & Walsh, LLP, can also discuss how to document your wishes for how your business will be managed during a succession period, so the company can retain its productivity and profitability.