Business Succession Planning
The success of your business is all-important, but as it grows, the legacy you leave behind for family and employees also matters a great deal. Many businesses do not survive a change in leadership. DMSHB’s business succession planning attorneys assists clients in establishing a plan to ensure that a business continues and has the tools it needs to maximize the return for the founders of the business.
Like buying insurance, business succession planning is an investment in the future and represents a hedge against future uncertainties. A solid plan protects a business for the owners, employees and customers. Planning is critical to protect the efforts of those who have helped the business to grow. The existence of a succession plan emphasizes a commitment to your business’s long-term growth and creates confidence with customers, lenders, employees and key suppliers.
Developing a succession plan is a phased process that starts with the reorganization of equity, updating wills and trusts and reviewing existing insurance policies. Buy-Sell Agreements are prepared and compensation procedures are reviewed. The process involves the counsel of independent professionals who contribute objectivity, specialized skills and experience. DMSHB maintains close working relationships with skilled financial planners, accountants, and bankers who are dedicated to assisting our clients in reaching their retirement goals.
After a plan is complete, it is important that the plan be reviewed and updated as circumstances change. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to be implemented.
Business Preservation and Protection
Each business owner has unique concerns. We prepare plans that provide our clients with the assurance of knowing their businesses are prepared to adapt to change. We work with clients to identify goals and objectives, to outline potential pitfalls and to develop innovative solutions.
DMSHB’s attorneys have long been advising clients in the areas of contract law, estate planning, transfer taxation, corporate and other entity governance, debtor and creditor law, lien preferences, asset protection, pension law, employment law and dispute resolution. DMSHB attorneys use a multi-disciplinary approach that expedites coordination of the expertise required to complete a business succession plan.
To learn more about the business succession planning services we provide, please call us at 952-432-3136 or, if you prefer, contact us using our online form.