Having a viable business succession plan for the time when you will no longer willing or able to participate in the running of your business is essential to every business owner. While your business may have been your lifeblood for many years, the time will come eventually when you will be ready to pass the torch to the next generation, to sell, or to go public. Regardless of the size of your business, planning for a smooth transition when you are ready to get out can be done many years in advance. Strategizing ahead of time will not only make the process easier, it will protect the assets that you have built into the business throughout your career. Having an ongoing relationship with a law firm that is focused on business and estate planning is an indispensable part of preparing for your exit.
In Arizona, the estate planning and business transaction lawyers at Gorman & Jones, PLC, have many years of legal experience helping business owners and others plan for the future of their businesses and families. We will help you plan for your succession long before the need arises, and we will handle the transfer of ownership when the time is right.
A number of different exit strategies are available. The one you choose will depend on your needs and desires, as well as whether your heirs have the willingness and ability to take the reins and keep the business in the family. If the next generation has not produced an heir apparent, going public, selling to an individual or corporation, or even liquidating the assets of the business are other options.
Each exit strategy has its own set of legal and financial challenges. Your business and estate planning attorneys at Gorman & Jones, PLC, will examine various options and help you to decide which is the best choice for your business and your family. We will then create or carry out an appropriate and effective business succession plan based on your wishes.
We are able to call upon a full range of business valuation experts, including accountants, tax professionals, and appraisers to provide the input that will enable you to make the decision that is in your best interests, as well as your family’s. We will handle all of the many situations that may arise in the succession process, including issues pertaining to taxes, trusts, share agreements, and agreements among heirs.
When you meet with the business succession attorneys at Gorman & Jones, PLC, we will sit down with you to determine your goals and wishes. There is no single exit strategy that meets the needs of every business and every family. In some situations, creating a trust to hold and manage your business might be in your best interest; in others, negotiating a short- or long-term buy-out plan with family members would be the best way to meet your succession goals, or you may decide to delay the transfer of ownership to diminish tax liabilities. We will guide you in forming a plan that meets your unique needs and wishes.
From business formation to succession planning and trust services, Gorman & Jones, PLC, will create and execute a plan that reflects your needs. Call us today to schedule a free consultation with an estate planning attorney at one of our offices located in Phoenix, Scottsdale, Sun City, or Sun City West. We offer appointments in the evening as well as during the business day and are available to meet with you at your convenience.