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Tampa Business Litigation Attorneys / Tampa Business Succession Planning Attorney

Tampa Business Succession Planning Attorney

As a business owner, you have worked very hard to start and grow a successful company. While no one wants to think about it, you should consider what happens if you pass away, retire, or become disabled. It is critical to give this serious thought. If you do not have a plan in place, it can be incredibly damaging for your business. Tax issues, power struggles, and an improperly prepared future generation are just a few reasons why many businesses close within one year of retirement or death of the initial owner. Below, our Tampa business succession planning attorney explains which factors you should consider, and how to protect your business.

Why is a Business Succession Plan Important?

A strong business succession plan allows business owners to prepare for the future when they, or key partners, can no longer run the company. The best business succession plans outline contingency plans for both the death and retirement of the business owner, or key employees or partners. There are several elements of creating a business succession plan and they are as follows:

  • Ensure financial measures are in place so any future transition proceeds smoothly,
  • Ensure the proper legal documents are executed to help with any future transition, and
  • Ensure future generations are prepared to continue operating the business successfully.

As a business owner, your company is likely the most valuable asset you own. For this reason, you should also consider tax and estate planning issues, as well. A solid business succession plan will also outline a clear path for retirement and allows the business to operate after the death or retirement of a key player in the business.

Business Owners and Estate Planning

No one ever wants to think about what will happen if they pass away, but this is a particularly important consideration for business owners. Not only is this an important thing to consider, but estate plans for business owners are different from estate plans for other people. In the vast majority of cases, it is not enough to simply create a trust or a will.

It is important to consider how your business assets will be handled if you pass away. You should also include in your estate plan details about how business ownership will be transferred. Our Tampa business succession planning attorney can also advise on whether there are issues regarding insurance policies, stock transfers, buy-sell agreements, and more.

Our Business Succession Planning Attorney in Tampa Can Advise On Your Case

There is a lot to think about when it comes to protecting your family, and the future of your business. At BBDG Law, our Tampa business succession planning attorney has the necessary experience to advise on the most important aspects of your case so an unforeseen event does not cause any damage to your company. Call us now at (813) 221-3759 or fill out our online form to request a consultation with our knowledgeable attorney and to learn more about how we can help with your case.