As a small business owner, I recognize both the importance and the difficulty of creating a Business Succession Plan. You might believe that your business will end with yourself, someone may purchase your interest, or you may have partners to whom you plan on turning over ownership. These partners may or may not be your family members. These family members may or may not get along with your current spouse. So many potential land mines likely exist but can be avoided with careful Business Succession Planning.
The issues are complex, but addressing them as early as possible is almost always the best answer. Brainstorming options with your professionals will give you ideas and may bring out tax savings or avoid pitfalls you would never have otherwise anticipated.
Our Estate Planning Lawyers have years of Business Succession Planning experience; It’s What We Do!
A Business Succession Plan preserves the business and its value. The plan addresses a response for the owner and key employee’s unexpected departure due to death, disability, or other hardship as well as an orderly turnover of control and ownership due to retirement.
A Business Succession Plan is part of an overall Estate Plan that addresses the sale and transition of your business interest. Your Estate Plan addresses all of your assets, including your business interest.
Review both your Estate Plan and Business Succession Plan every two years.
Every venture should have an exit strategy, including a succession plan. By some estimates, it can take 15 years to prepare a succession plan and train a successor. If you are within 15 years of retirement or departure, it is time to develop your Business Succession Plan.
If you foresee a family conflict with a business at your death, you are in vital need of a Business Succession Plan. Nothing destroys an ongoing business and scares away talent like a family dispute. Your business and your family are unique. The plan that best fits your needs can only be created after careful analysis and negotiation.
Your Estate Plan includes your Business Succession Plan. Addressing family goals is part of both the estate and business succession plans. Like each family, each method differs depending on your assets, goals, and relatives’ personalities. Let’s talk and brainstorm!
If you have any questions about Business Succession Plans or any other estate planning topics, please contact our office to schedule a free consultation. For more than two decades, Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain sophisticated estate planning techniques clearly and concisely. We make it easy for you to understand Business Succession Plans so you can make the best decisions for yourself, your family, and your business.
Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.