Business Succession Planning
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Business Succession Planning
As top estate planning attorneys in Texas, we specialize in protecting our clients’ financial futures. Whether you want to create a trust, avoid probate or make a business succession plan, Hunter Sargent, PLLC, is here for you. Call us at (940) 594-7754 to get started.
As a successful entrepreneur, you’ve put your heart and soul into your business. You’ve sacrificed and made the hard calls, and all of your diligence has paid off. But before you can enjoy all the fruits of your labor, you have one more big decision to make: What will happen to your company after you’re gone?
For many business owners, their company is their life’s work; it’s hard to imagine a day when they won’t be involved. However, it’s important to remember that life (and death) won’t wait for you to get your affairs in order. If you want your business to be a source of financial security for your family for years to come, you need to set a plan in motion now.
Luckily, it’s easy to secure your loved ones’ futures when you partner with an experienced business succession planning attorney. Not sure where to start? Our trusted estate planning attorneys can guide you through every step of the process. Keep reading to learn more about business success planning, who needs it and how we can help.
At Hunter Sargent, PLLC, we don’t believe in taking chances. We account for every possible scenario to ensure our clients keep more of the wealth they worked hard to earn. Ready to protect your assets with the best in the business? Contact us online to schedule a consultation
What Is Business Succession Planning?
Simply put, business succession planning is a strategy that companies and business owners use to pass down leadership roles to others. The goal of succession planning is two-fold:
- to make sure that a company can continue to run smoothly when executives and managers are suddenly unable to fulfill their roles, and;
- to ensure businesses are passed down according to their owners’ wishes.
If you’re a small business owner, establishing a succession plan can help protect your company in the following scenarios:
- You decide to move on to an exciting new opportunity.
- A sudden life event forces you to retire.
- You and your spouse decide to divorce.
- You develop an incapacitating illness.
- Your business partner decides to leave.
- You or your partner suddenly pass away.
Types of Business Succession Plans
The purpose of a business succession plan is to make sure your company passes to your ideal successor. It also addresses issues like sale price, terms and potential trigger events. Although there are numerous types of succession plans, the following five are among the most common:
- Passing your business to an heir
- Selling it to a co-owner
- Selling it to an employee
- Selling it to an outside buyer
- Selling your shares back to the company
Regardless of what type of plan you choose, your succession plan will use a combination of strategies to achieve your specific goals. Because succession planning is steeped in complex legal considerations, it’s critical to partner with a trusted business lawyer from the start.
Our Business Succession Planning Services
Many people—including some entrepreneurs—assume that business succession planning is only for large companies. This couldn’t be further from the truth. Although the strategies are different, succession planning is just as essential for small and family-run businesses as it is for big organizations.
As top business succession planning attorneys in Denton, Texas, we have the expertise needed to help companies in every sector. No matter the size of your company, we’ll work with your accountants and financial advisors to create the best possible plan for you and your business. Here are just a few of the many services we’ll explore:
- Business reorganization
- Tax planning
- Asset protection
- Spotting potential liabilities
- Creating buy-sell agreements
- Identifying and retaining key employees
- Advising on issues involving family-member ownership
- Evaluating possible successors
- Setting up trusts
- Developing exit strategies
- Transition planning for new leaders
It’s important to understand that in most cases, business succession plans will need to be modified any time a company undergoes a potentially impactful change. Don’t worry, though—our succession planning experts make it easy. With a wide variety of services and tools, we can easily adapt your plan to accommodate whatever changes come your way.
Hunter Sargent, PLLC: Top Business Succession Planning Attorneys in Denton, Texas
If you’ve never thought about creating a business succession plan, you’re not alone; plenty of entrepreneurs get caught up in the day-to-day and forget to plan for their futures. Unfortunately, this common mistake can leave you vulnerable to many unforeseen circumstances.
Luckily, you can avoid many challenging situations by partnering with an experienced business succession lawyer from Hunter Sargent, PLLC. We’ll evaluate your situation and map out potential solutions, explaining everything along the way.
Ready to get started? Our passionate legal experts are standing by. Contact us online to schedule a consultation or give us a call at (940) 594-7754 to start planning your financial future today.
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The best time to plan your legacy was 10 years ago. The next best time is today. Everyone needs estate planning – the good news is it’s never too early and if you’re reading this, it’s not too late.
