The truth is that this process, known as business succession planning, can take a long time to orchestrate. That’s especially true in family businesses, where there is no guarantee that your children or other relatives will step into your place or that the transition period will be seamless.
For that reason, you want to secure the help of an experienced lawyer. Searching for an “estate planning lawyer near me” is the first step to finding answers to these questions. Whether or not you have a plan in place, you need the assistance of a lawyer to determine the details of your succession plan. A sudden departure from the business, due to anything like death, divorce, or changing goals, can have ripple effects all across the company.
Strategic documents like buy-sell agreements and life insurance policies help to provide options for unexpected situations. When all stakeholders, such as partners, company owners, or key employees, have agreed to this well in advance, it’s much easier to decide a course of action following the departure of a vital player in the business.
A good business succession plan doesn’t just set up guardrails for an owner passing away. It also incorporates the concept of retirement and the type of training or additional employees required for business continuity purposes. Planning allows everyone to express their wishes and understand a roadmap for who will take over in certain positions when an owner or other leader leaves. It also minimizes the possibility of conflict and legal disputes down the road.
Set up a meeting today, no matter the current state of your business succession plan. Talking things over with a lawyer will help you see the gaps in your plan and to help you determine your next steps.
Secure Your Family’s and Your Business’s Future with Carolina Family Estate Planning
At Carolina Family Estate Planning, we help families build better lives by planning for a secure future via estate planning, asset protection, and long-term care planning. If you have questions about business succession planning, we’re here to help you get your ducks in a row.
Need a business succession planning attorney in Wake County, NC? Schedule a needs assessment call at 919-443-3035 or complete our online form to set up a vision meeting with a member of our experienced, caring, and dedicated legal team at Carolina Family Estate Planning to discuss your estate planning goals.
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