Protecting what matters
Business succession involves the strategies employed for passing leadership or ownership interests once the current owners and managers have left, and what that leaving looks like so the company can continue without interruption. From our experience of having formed hundreds of legal entities including LLCs, corporations, partnerships, and non-profits, rarely do business owners address the issue of succession. Sometimes family members are interested, and sometimes not. Often businesses are owned by unrelated partners, which can make the issue of succession even more important. Some of the tools that assist in creating a succession plan include: specialized provisions in the Operating Agreement or Bylaws, and a Buy-Sell Agreement. Call us for a consultation today.