At Caliber Law, we understand the importance of reaching your goals when it comes to business succession planning and the eventual transfer of your business. Whether you are gearing up to sell your business to a third party buyer, offering incentives to your employees, protecting your assets and the value of your business, or putting a stock option or purchase plan into place, we have a solution that is right for you.
Having, developing, and implementing a business succession plan is extremely important for making sure you capture the entire value of the business you have built over the years. Too many times business owners wait too long to start this important process, and lose a ton of value when they then go and try to sell their business. Early planning is necessary to discuss and plan for the process of potentially selling or handing over control of the business to others in a way that will minimize the disruption and negative impact to the operations and value of the business.
Having Us Assist You in Developing a Formal, Written Business Succession Plan Helps You to Achieve These Goals
We understand what it takes to transition your business – both from a legal standpoint and from a personal standpoint – to maximize the value and help make the transition a success. It is a combination of defining clear goals, and then outlining how they can be accomplished at the best tax advantage to you as the seller. It allows you to set the tone early and set the right price, etc., so that you are ready to sell or transition your business to your children or another individual, when the timing is right. Business succession planning should be a priority for every business, especially businesses held by a family or families.
A Few Key Questions Should be Considered When Evaluating Any Business Succession Plan:
- Who is going to manage the business when you no longer want to work in the business?
- Will the business be sold, and how will ownership be transferred?
- What happens if a partner does not want to buy you out or wants out of the business?
- Is it a good idea to plan to sell the business to key employees?
For many family businesses, it is the “family” that is the primary emphasis of and motivator of successful business succession and business planning. Whether you are thinking about the future management of your business, how ownership is going to be passed down, or the potential impact of taxes on a transfer of ownership, the decisions you make now (or fail to make) will affect your family. A good succession plan ensures that you have the funds you need to retire and that the business you have built continues to thrive in the hands of the next group of managers and owners.
Atty. John W. Schuster, MBA has the experience and business background of working with and assisting closely-held businesses to successfully navigate you through some of the do's and don'ts of the process and help you make the transition a success. Through his carefully developed process, he can help you assess and define your goals, and set up a definitive plan that will help you maximize the value of your business and/or put you in line to accomplish your defined goals. Whether you are a generations-old family business looking to transfer the business to the next generation, or are interested in maximizing your return for a cash-out, Caliber Law offers a solution that is right for you.
CONTACT US TODAY to make an appointment and find out what we can do for you.