Business Succession PlanningIncomparable Experience & Skill that Yields Results
Daytona Beach Business Succession Planning Attorney
Transfer the Control of Your Business with Confidence
As a business owner, you likely have invested an enormous amount of time, effort, and funds into building a successful ongoing business. Many business owners, however, fail to invest even a small percentage of their energy into planning for retirement, death, or a potential disability. Exit strategies are often put on the back burner due to the demands and constraints of operating a business on a daily basis. Because of this, businesses are often vulnerable to catastrophe in the event a founder or other key owner in the business is unexpectedly no longer working in the business.
The Importance of a Succession Plan
Business owners in closely held companies who do not plan ahead for their succession jeopardize their ability to maximize their personal return for their ownership interest, and also put the future of the business, and all of its stakeholders, at risk. A proper business succession plan will take into account concerns such as allowing for a smooth transition, minimizing tax liability, and the longevity of the business. Having a succession plan, therefore, is just the smart thing to do.
At Hassell + Snell, we are attuned to the needs of business owners faced with the inevitable decisions of how to accomplish a successful hand-off based on what is best for all concerned. Our business succession planning lawyer can counsel you in all facets of this crucial issue in order to achieve a smooth transition that minimizes tax consequences and/or optimizes the continuation of a successful business entity in Daytona Beach, all of Florida, or throughout the U.S.
Business succession strategies can involve:
- Selling your business interest
- Transferring your interest through a buy-sell contract
- Transferring assets through irrevocable trusts such as granter-retained annuity trusts
- Selling through a private annuity
- Installment notes in which your business is transferred in exchange for a promissory note
- Establishing a family limited partnership
Tasks that may need to be accomplished for your business succession plan can include valuing your business or your partial interest in it, choosing a successor, developing a training plan for your successor, establishing a timetable for your exit, life insurance arrangements, stock options, non-compete agreements, and deciding on the overall succession strategy that will best serve in terms of maintaining established relationships and reducing tax burdens.
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