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.
Peter provided outstanding advice and preparation of a will and trusts.
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.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
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.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.