Business Succession Planning
For Family Businesses
Successful Business Succession Planning is best accomplished when it is done early and the discussions involve your entire family.
Transitioning your family business to the next generation is an important consideration for you, as the owner, and your potential family owners. At some point, you will want to retire and that means more than not going into the office anymore. You will need to ensure that you have ample financial means in retirement. Hence, you want to make sure that whoever takes over the business runs it profitably.
Business Succession Planning Experience
Attorney James A. Ritter has the experience in business succession planning to ensure a smooth transition from one generation to the next. A family business succession plan is paramount to having clear direction in terms of who is going to manage the business when you are no longer involved and how the ownership will be transferred.
All of the children may not be interested in participating in the business. Therefore, you may have a situation where the management of the business is transferred to one or more of your children but the ownership is shared equally (or not) among all of your children. Any children who will not be owners of the business will need some protection as part of the overall Estate Plan. Attorney James A. Ritter understands the importance of orchestrating the succession so that family harmony is not negatively impacted.
Developing a Business Succession Plan requires a team approach which typically involves an attorney, accountant, financial advisor, and, in many cases, an insurance agent. Attorney James A. Ritter has experience working with cross-functional teams to develop a plan that meets your specific needs. Get in touch today.