Wilmington Business Succession Planning Lawyer
Many business owners wonder how they will hand over or convey their business after they are no longer able to manage it themselves or decide to retire. Whether you want your business to continue to benefit your family after your death or simply sell it to another, creating a solid business succession plan is essential. Contact a Wilmington business succession planning lawyer at Johnson Legal, PLLC so we can assist you with creating an exit strategy.
What Is a Business Succession Plan?
A business succession plan lays out who will own or run your business in the event that something happens to you, including death, disability, or retirement. Succession planning for business owners helps ensure that the business handoff goes as smoothly as possible when that time comes, which can mean greater overall security for your employees and your family.
Why Does My Wilmington Business Need a Succession Plan?
Your business may need a succession plan for a number of reasons. Just like you may need a last will and testament to cover your personal property in the event of your death, so the government doesn’t dictate the terms of your estate, you may need a business succession plan to ensure that your business is taken care of based on your desires.
Set Your Business Up for the Future
No one knows your business quite as you do. A business succession plan helps set out the future success of your business, ensuring that your business has everything it needs to move forward without you.
Avoid Business Shutdowns After Your Death
A business succession plan can help prevent your business from shutting down after your death. Your employees rely on your business to provide for themselves and their families. A business succession plan can help set your business up for overall continuity, protecting your employees’ futures.
Prevent Family Disputes
Just like effective estate planning can help reduce conflict over your personal assets, a business succession plan can help prevent arguments over your business assets. Your business succession plan can help lay out who will take responsibility for your business and what responsibility each party has when you can no longer run it yourself.
Important Considerations for Your Wilmington Business Succession Plan
Setting up a successful business succession plan may include several key elements.
- Identifying the value of the business for estate planning or selling purposes
- Developing a comprehensive strategy for keeping the business operating
- Special provisions in the operating agreement
- Buy-sell agreement
- Analyzing the essential processes that take place in the business and who can best take care of them
- Reviewing the business’s overall assets, structures, and technology
When you have all the information about your business, our Wilmington business lawyer can then create a comprehensive plan that will determine what happens to your business in the event that you no longer can or want to run it yourself.
When to Contact a Wilmington Business Planning Succession Lawyer
Do you need a business planning succession lawyer in Wilmington? In general, you need a lawyer when you’re ready to start making vital decisions about what will happen to your business. You may need a business planning succession lawyer to help with:
- Transferring the ownership of your business
- Creating vital plans for your future, including bringing in a partner who can help with operations
- Making provisions for the company if you or another owner becomes incapacitated
- Leaving your business to someone else in the event of your death
A lawyer can help you determine the best course of action for your business, your employees, and your family. Contact us today for a free consultation to begin the process of protecting your business and its assets.