Every business owner should have a clear succession plan in place that details what will happen when they are no longer willing or able to run the day-to-day operations. Many business owners find it hard to imagine anyone else running their business, but in reality that day will eventually arrive and a clear plan will make it easier on everyone involved. This could mean preparing your family for how that will work. It might also involve selling the business or taking it public and designating a new President or CEO.
Some business owners might think their business is too small for this kind of detailed succession planning. The truth is that any size business should have succession planning in place that details what will happen if you are unable to continue running the business. This process is much simpler if it is planned while you are willing and able to get all necessary parties on the same page. Our firm can help you develop an effective business succession plan in Arizona.
Exit Strategies Available for Your Business
There are many exit strategies available for a business owner. The best plan for your business will depend on the size and type of business, the people involved in succession planning, and how long you currently desire to continue running the business. If you have family members or employees that you would like to designate as the party that will take over operations when the time is right, then you will want to work with them right now to get all details in place and in writing. Even trusted family members should be required to put the plan in writing.
If your plan is to sell the business or take the company public, then you want to get that plan in place while you are still operating the business with sound mind and body. While it can be hard to accept that eventually you will not be able to handle the day-to-day operations, it is best to not leave these decisions to the last minute because complications arise.
Successful Business Planning with an Expert Attorney
A detailed succession plan for your business requires the input of many different experts. It is rare that you will simply be able to designate an individual that will take over when you are unwilling or unable to continue running your business. Our firm will help you leverage the expertise of accountants, tax professionals, and business valuations specialists to create a viable and concise strategy for your exit from the business. Our attorneys will help you prepare for possible issues and situations that might arise during the exit process. You need to prepare for agreements among all possible parties, tax issues, share agreements, and more.
Exit Plan for Your Specific Needs
Even if you already have family members or heirs that are designated to take over when the time is right, you will want to explore the best way to transfer ownership to them. It might be in your best interest or that or your heirs for the business to be placed into a trust that will hold and manage the business. Our firm can assist you in creating a trust that helps minimize tax obligations and ensures that the business ownership successfully passes to the next generation. If your plan is to sell the business, you will want to prepare options for a short-term and long-term buy out, which our firm can assist with.
Work with a Business Succession Planning Attorney in Arizona
MacQueen & Gottlieb has significant experience with effective business succession planning in Arizona. Our attorneys will work with you and any other parties involved to create the best business succession plan for you, your family, and your business. Contact us today at
602-533-2840 to schedule an initial consultation or make an appointment online.