Business Succession Planning Can Ensure a Smooth Transition
Many of our clients at McKinley, Conger, Jolley & Galarneau, LLP, have poured their energies and passion into building family businesses and successful professional practices. At any point in the life of your business, it may become a priority to ensure that ownership is passed on to the people and in the manner you choose, or that proceeds are maximized if it will be sold or dissolved. Without succession planning, your family may face issues regarding estate administration, shareholder and partner disputes, as well as a potentially tumultuous future for the business. Our business lawyers can help you create a comprehensive succession plan that is based on your goals and objectives for a smooth transition.
Why Do You Need a Business Succession Plan?
Above and beyond the intricate legal aspects of planning to exit or sell your business, the effects these changes can have on the other elements of your company from employees to financial stability are significant. It is of the utmost importance that aspects such as contracts, buy/sell agreements, taxation, and more are handled properly. Neglecting to prepare your business can lead to disputes within the family and amongst shareholders which can disrupt the financial and operational stability of the enterprise.
Contract & Estate Planning Experience
With tax considerations, innovative estate planning options and other factors in full view, we will help you form and implement the business succession planning approach best suited to those specific goals. Our attorneys’ knowledge and capabilities cover the full spectrum of:
- Creation of sound partnership agreements and other business agreements that protect our clients’ interests at the point of entity formation
- Consideration of potential scenarios that should be accounted for in both business agreements and estate plans — such as the impact of divorce after a long-term marriage
- Full-service wealth and estate planning services, spanning the creation of various trusts that help maximize and protect resources for future generations, establishment of family limited partnerships (FLPs) and more
- Drafting of buy-sell agreements, conducting negotiations and handling other aspects of complex business transactions
- Negotiations, alternative dispute resolution and litigation if necessary to resolve disputes over business ownership interests and other assets
We are able to plan for and accommodate the versatile needs of your enterprise. Our experience with family-owned businesses, in particular, allows us to navigate the unique circumstances and dynamics that may be at play.
Passing on the financial benefits of your hard work and dedication often involves much more than drafting your will to document your intentions. Our attorneys will act with integrity and handle these fragile business matters ethically.