Business Succession Planning
A business owner works hard his or her entire life to build a business. The owner must have a business succession plan that will allow the business to survive the owner’s death in order to benefit the owner’s family while maximizing the financial benefit to the business owner during the owner’s life. A business succession plan is an investment in the future of the business for the next generation of owners as well as the customers and employees of the business. The existence of a succession plan emphasizes your commitment to your business long-term growth and creates confidence with customers, lenders, employees and key suppliers. This process often involves changes to the business entity itself in order to facilitate a tax efficient and orderly transfer. It also involves shareholder/owner (Buy-Sell) agreements, employment contracts, consulting contracts, trusts and a host of other legal instruments depending on the unique circumstances of each business. Business succession plans outline in detail to whom, what, when, why, and how changes in ownership and management are to be executed. The process involves the counsel of independent professionals who contribute objectivity, specialized skills and experience. Mr. Raines maintains close working relationships with some of the most skilled financial planners, accountants, and bankers dedicated to assisting his clients in reaching their retirement goals. Business succession plans must be periodically reviewed as the circumstances of the business and the parties change.
Once a business succession plan has been established, it is critically important that the completed plan be continually reviewed and updated as circumstances change.
For over forty years, our clients have relied on Thomas E. Raines, PC to help them make prudent business, financial, and personal decisions in connection with Business Succession Planning. If you, your business or organization needs assistance in the area of Business Succession Planning, please contact our Atlanta Business Lawyer or Atlanta Estate Planning Attorney at Thomas E. Raines, PC immediately at 770-263-0093 or via email through the contact portion of this website by email.