Business Succession Planning
You’ve spent your life growing a successful business. Now you’re looking ahead to the next steps for you and your business. It’s time to think about business succession planning.
According to a 2016 survey of family business owners conducted by the National Bureau of Economic Research, 43% of family-owned businesses don’t have a succession plan. That’s a missed opportunity. If you own a family business, your business succession plan will be a critical part of your retirement plan and your estate plan.
Estate planning attorney and business advisor, Tawana H. Gray, works with a wide variety of business owners to ensure a financially solid future. As a business owner herself, with more than a decade of legal experiencing helping clients with long-term planning, she’s well prepared to help you put a business succession plan in place.
Considerations for a Business Succession Plan
Business succession planning begins with understanding your needs and goals.
- How much income will you need after retirement and how might your business provide that?
- Do you want to retain a financial interest in the business? Or would you prefer to sell it or liquidate it so that you can invest in other income-earning endeavors?
- How important is it to you that the business stay in your family? Are there family members who want to run the business? Are they qualified, or what steps need to be taken to ensure their success?
- If a family member isn’t going to be running the business, do you have someone else in mind?
These are just a few of the considerations attorney Gray will discuss with you as you develop a preferred course of action for your business exit plan.
Contact a Small Business Legal Advisor For Succession Planning
For clear, understandable guidance as you consider your business exit strategy, turn to a business lawyer who understands. Contact Tawana H. Gray, PLLC: 817-270-9975 or contact us online to schedule an initial consultation.