Stuart Attorneys Help You Develop a Business Succession Plan
ACCOMPLISHED LAWYERS CREATE PLANS TO PROTECT THE FUTURE OF YOUR FLORIDA COMPANY
Having worked hard to build a successful business, you want to be certain that it will keep its vitality once you retire or are unable to fulfill your responsibilities due to incapacity or death. Establishing a sound succession plan helps to ensure that what you’ve built will remain in good hands regardless of what happens. McCarthy, Summers, Wood, Norman, Melby & Schultz, P.A. in Stuart has helped small business owners for more than 40 years. Kenneth A. Norman, an experienced business law attorney, can help develop a customized contingency plan tailored to your situation and goals. No matter what industry is involved, you can trust us to help you protect the future of your company.
TREASURE COAST FIRM DEVELOPS PROGRAMS TO TRANSFER OWNERSHIP SMOOTHLY
A proper succession plan requires significant care and preparation. Overlooking one detail could thwart your intentions and put your business at risk. Having guided numerous entities through smooth transitions in ownership and management, our highly proficient business law attorneys can deliver valuable counsel at every stage of the process, including:
- Choosing a successor — We can help you evaluate whether your successor is qualified to steer the company and we advise on ways to assure their familiarity with your business practices.
- Developing a formal training program — Responsibilities that might seem second nature to you could present a challenge to your successor. Developing informative documents and training programs maximizes the likelihood that the next person will hit the ground running.
- Setting a timetable — Do not blindside your successor or your employees. Giving everyone adequate time to prepare and adjust to the planned succession will ease the process for you and strengthen trust throughout the organization.
- Planning your future — Whether you’re looking to retire or might be interested in a new opportunity, our firm can help you assess your preparedness for the next stage in your life.
- Executing the succession plan — Once your succession plan has been established, we’ll guide you through each phase and manage the legal tasks necessary to transfer authority to your successor.
No matter what your particular goals or circumstances, we are committed to creating a comprehensive process that minimizes the disruption to your business as leadership shifts.
THOROUGH ADVISERS ASSIST WITH ALL TYPES OF BUSINESS SUCCESSION OPTIONS
To give yourself and your business the best chance to thrive, it’s important to evaluate your options carefully before moving forward. Our firm assists with all types of transition options, such as:
- Selling business interests — We prepare the necessary documents if you wish to sell your business interest outright in return for money or other assets.
- Buy-sell agreements — You can sign a legal contract in advance that sets terms for the transfer of your ownership share upon your retirement, disability or death.
- Grantor retained annuity trusts (GRATs) or unitrusts — With an irrevocable trust, you can transfer your assets while still maintaining an income for a set amount of time.
- Private annuities — Some choose to give up their business property in exchange for receiving regular payments over time, as ownership is transferred to a family member or another buyer.
- Self-cancelling installment notes — A buyer of the company can make regular payments to you, which may be cancelled upon a specified contingency.
- Family-limited partnerships — Owners who choose these arrangements transfer the business to a partner and then gift their interests to family members over time.
In addition to outlining the near-term consequences of particular choices, our estate planning attorneys can also explain how certain decisions might affect your objectives for preserving and transferring your personal assets.
Contact a proven Florida lawyer for assistance with your business succession planning
To learn more about developing an effective business succession plan, contact business law attorney Kenneth A. Norman at McCarthy, Summers, Wood, Norman, Melby & Schultz, P.A. From our office in Stuart, we assist clients throughout Florida. Please call 772-286-1700 or contact us online for an appointment.