Business Succession Planning
Our Plano and Frisco Estate Planning Lawyers Help You Plan the Future of Your Company
You worked hard to develop a successful business. Albin Roach can help you preserve your endeavor into the next generation and your trusted employees or design and construct your exit strategy in a secure manner. Our Plano and Frisco estate planning lawyers devise an effective succession plan that gives you peace of mind about the future of your company and protects your interests if your partner leaves or suddenly dies.
Our attorneys act as virtual in-house counsel to companies throughout North Texas, including the cities of Frisco and Plano. We establish succession plans for family-owned businesses to larger corporations involved in diverse types of industries. If you are currently launching a new venture, we advise you to create a succession plan at the time you form your company. However, even if you have been in business for years or generations, it is never too late to prepare or modify your succession plan for the unexpected emergencies and circumstances that inevitably occur in the life of business from divorce to death to disability or to the voluntary transfer of interests to third parties.
Life Insurance as Part of Buyout Provision
You can avoid disputes associated with the division and transition of your company by addressing the issue in your by-laws, company agreement or other governing instrument. A buyout provision establishes the procedures and price determination when one person leaves the business for a host of reasons. An effective buyout agreement upon the death of an owner, therefore, includes terms for payment upon death through a life insurance policy that names the company as the beneficiary. Such an agreement not only protects your company, but also prevents the devastating prospect of having to fight your business partner’s heirs in court. Not only is an agreed process established but the value can also be agreed in advance.
Passing Your Family Business to Your Heirs
Succession in a family-owned business is usually more complicated than simply assuming your spouse or child will take over. A precise and open succession plan helps your family move forward with as minimal disruption as possible. It may also prevent unpleasant infighting between family members who each think he or she should command the leadership role.
Our lawyers guide you through the process of choosing the right person, or people, for the job. Each family member may have a unique set of skills that lend themselves to specific positions, for example, and you may decide to divvy up tasks accordingly. We can help you put the wheels in motion to prepare your family members for their future roles.
Running a business requires dedication, hard work and a substantial time commitment. As with any other rewarding career, you may be looking forward to retirement. By planning early, you can confidently leave your business in your successor’s hands and recoup the investment you made.
Anticipating the Transfer of your Business
Our team may recommend several anticipatory steps to accomplish a smooth business transfer. We consider such aspects of your business as taxation, leases, real estate title, mortgages, bank loans, financial investments, vendor contracts, client communications and employment and executive contracts as we tailor your succession plan.
Establish an Effective Business Succession Plan with Assistance from Our Plano and Frisco Estate Planning Lawyers
Albin Roach helps you secure your business’s future through effective succession planning. Call our estate planning and business attorneys at 214-423-5100 or contact us online.