Hi, I’m Chip Morrison with Morrison Law Group. If you own a successful business, chances are you have some idea of how you want your business to proceed after you’re gone.
Despite this, many small business owners are legally unprepared in the case of their death, disability, or in the case of their retirement.
It is imperative that business owners above a certain age address succession planning, so that their business can continue to thrive in accordance with their wishes. It is entirely possible to set up a business succession plan while the owner still retains control of the business and ownership in that business. The owner may initiate a transfer to an eventual successor long before leaving that business.
The earlier a business owner begins transferring ownership to an eventual successor of that business, the more likely it is for the succession plan to be a success. We have found this to be true, both on an emotional level and a financial level.
Truthfully, business succession plans, they are not one size fits all. Transferring the ownership of a business can be extremely confusing without the guidance of a qualified business succession attorney.
If you, or anyone you know have any questions on how to sell a business, how to buy into a business, how to enter into any kind of planning for the eventual transfer of a business, please have them call the law firm of Morrison Law Group. Thank you.