A business is created with energy, commitment, hard work and dedication. Over the years, as the business grows, its founders' thoughts turn to on-going business continuity. Such planning requires the professional counsel of a Santa Clarita business attorney. At Poole & Shaffery, LLP, our firm can offer insightful counsel to establish a business succession plan with the goal of attaining maximum returns for the business founders, and a strategy for the continuance and protection of the enterprise. Establishing a business succession plan is a process with multiple phases, and includes a review of current equity, insurances, an analysis and creation of trusts (in some cases), buy/sell agreements, compensation agreements, and employee incentive plans and other arrangements.
The sustainability and profitability of a business can be seriously impacted without a comprehensive succession plan in place. How well is your business prepared to deal with transition issues, including: the introduction of new partners or equity holders that have no experience in the business but have significant voting rights; the death of a significant owner and the need of his estate to liquidate his interest in the business; or the unexpected departure of a key management person?
The owners' unique goals and objectives for the succession of the business are the most critical point in establishing a succession plan—not only for the business operations but also for family and personal finances. The plan then seeks to establish how future changes in the management and ownership of the enterprise will be executed. Further, as time passes and situations evolve, a succession plan must be reviewed and updated. Throughout this process, the firm is available to advise in all matters, including business governance, contractual issues, estate planning related to business succession, general taxation issues, and dispute resolution processes and procedures.
Family-owned businesses have unique cultures, objectives and legal needs. A full understanding of the family dynamics, as well as the ability to work with that culture, allows the attorneys at the firm to create a succession plan that preserves the family enterprise and reduces the potential areas of dispute within the family. The firm has the experience, insight and understanding regarding family-owned businesses and their unique concerns to provide effective legal counsel in business succession planning.
Business succession is a crucial matter for all business owners and, in a family-owned enterprise, is of ultimate importance. The firm has a reputation for providing the highest level of legal work in the area of business succession planning, and serves the business community with integrity, diligence and an unwavering commitment to the individual client's needs. In such a critical area, it is imperative that you have counsel from a highly experienced and ethical law firm providing excellent legal work.
Contact a Santa Clarita business lawyer at Poole & Shaffery, LLP for further information.