Business Succession Planning

An area of law in which an attorney and his or her staff assist owners of a business in addressing an appropriate exit strategy and transfer of ownership to the next generation of owners.

Business Succession Planning can include the following:

Drafting or Amending:

  • Shareholder Agreements
  • Partnership Agreements
  • Joint Venture Agreements
  • Operating Agreements (LLC’s)
  • Buy-Sell Agreements
  • Asset Purchase Agreements
  • Stock Purchase Agreements
  • Membership Interest Purchase Agreements (LLC’s)

Completing:

  • Stock Powers
  • Stock Certificates
  • Membership Certificates
  • Beneficiary Designations/Assignments
When to start

Ideally, business succession should be addressed at some level when your business is formed. However, in practice, this rarely occurs. Therefore, if you have not provided a plan for your business ownership after your death, now is the right time to start looking at this very important issue.

Where to begin

To get started on your business succession planning, call our office and set up a complimentary conference (for new clients) with one of our experienced attorneys. To be prepared for this meeting, it would be helpful to have an idea of where you would like your ownership interest to go upon your retirement, disability or death.

What to bring

To get the most our of your initial conference, you should bring copies of all of your current business documents, including any documents that formed the entity and other governing documents. This would include any Articles of Incorporation/Organization, Shareholder, Partnership or Operating Agreements, and meeting minutes. If you have certificates which represent your ownership in your business, bringing copies of those documents will be helpful too. Finally, if you have any existing estate planning documents, such as a trust or a will, you should bring copies of them with you to your first meeting.

What to expect

You will meet with one of our attorneys who will review your individual situation, discuss your personal goals and expectations, and educate you on the options available to accomplish your goals. For many clients this first meeting is an opportunity to learn more, ask questions and determine the decisions that will need to be made. Additional consultations are scheduled as needed so that you can feel comfortable that we understand your choices and how best to implement your personal plan. An estimate of cost will be provided at the initial consultation, if possible, but if not, a clear understanding of how charges are calculated will be provided.

We do not stop there

Once we have identified a business succession plan that works for you, your family and co-owners, we can remain available to answer questions in the future. If you have put in place a buy-sell with other co-owners, we can prepare the documents necessary to carry out the plan when the time comes. Additionally, sometimes things change and amendments can be necessary. If you have additional needs in the future, give us a call.