As a business owner, it's extremely important to develop a business succession plan. A succession plan may be drawn up at any time, but it's especially crucial if you are nearing retirement, or think you may become incapacitated at some point in the future. A good succession plan will outline who will manage and own the business in your place, and cover any tax or insurance issues that will arise in the shift of ownership.
Management
When creating your plan, you will decide on your successor. Choosing who will manage in your place is a critical decision that will have the greatest effect on the future success of your business. You may choose a family member, a partner or a trusted employee to take your place.
Ownership
Without a succession plan, your business ownership will transfer to your next of kin. If you had partners in your business, this could lead to an unwelcome business relationship between your former partners and your spouse or children. Avoid burdening your former partners and family by outlining a transfer of ownership plan. We can guide you through your share transfer and insurance options to create a streamlined plan that can be implemented without difficulty.
Taxation
The attorneys at HSSO are experts on tax law, and will work with you to create a plan that minimizes tax liability for your family and former partners when your ownership is transferred.
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It's never to soon to plan for the future. Call your experienced attorney at HSSO today to create a succession plan to ensure the future of your business
