Business owners often put their heart and soul into their business. Thus, for many business owners, their business represents not only a big financial investment, but also a big emotional and personal investment. Consequently, business owners often care very much about what will happen with their business when they retire, become no longer able to run it or pass away.
Thankfully, what will happen to a business in such circumstances is not something a business owner has to simply leave to chance. Advanced preparations can be made to set up what will happen in such an event. The process of making such preparations is called business succession planning.
Businesses are often remarkably complex things with all sorts of different moving parts and things to consider in connection to them. Consequently, business succession planning can also be quite complex and touch on a myriad of issues. How these various different complex issues are addressed in a business succession plan can have the potential to have significant future impacts on a business owner and their business.
Our firm is committed to using our extensive legal experience and business succession planning knowledge to help guide our business succession planning clients through the process of developing a succession plan. We understand how important having a good succession plan in place can be for a business owner and how to go about addressing the various complex issues that can arise in connection to business succession planning, and we strive to help business owners with forming a succession plan that is a good fit for them and their business.