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Business Succession
Dedicated & Experienced Attorneys
Torrance Business Succession Planning Lawyer
Secure Your Business Legacy and Family's Future
Owners and operators of closely held or family businesses dedicate their lives to making sure their businesses are successful and profitable. Families count on these businesses for their support and livelihood. It is essential to have a business succession plan in the event of the owner's death or retirement.
Our Torrance business succession planning attorneys at the Law Offices of James C. Shields have the requisite knowledge and professional experience to ensure your business continues to thrive no matter what the future may hold.
The main reason why a family-owned businesses does not survive to the next generation is due to a lack of planning. Failure to implement a business succession plan along with estate planning will almost certainly result in disruption of the business, and it could result in a forced liquidation in order to pay estate taxes. Our South Bay estate planning firm can help you avoid these difficulties and protect your family's future.
Free Consultation: Torrance Business Succession Planning. Contact us online or call (310) 626-4404 to make an appointment. We serve the South Bay.
Key Strategies for Smooth Business Succession
Develop a Comprehensive Exit Strategy Knowing what to do when you are no longer able to run your business is important. Anything can happen, so planning for a variety of scenarios is critical. From retirement, getting seriously injured during an accident, incapacitation, and more -- our business succession lawyers in Torrance can help you plan.
Secure Disability Insurance for Business Continuity This can be crucial in funding consideration to keep your business and family afloat in case of unexpected events that may change your succession plans.
Integrate Retirement and Estate Planning Start a retirement plan if you have not done so already. We can take a look at your situation and make a plan regarding tax planning and your beneficiaries.
Mentor Your Chosen Successor Choose your successor carefully and make sure they have what it takes to take over and run your business efficiently when you are gone.
Establish a Clear Succession Timeline Talk to an experienced business succession planning lawyer to develop a flexible timeline. Discuss your goals such as when you want to retire, sell, close, or transition your company to a new owner.
Call (310) 626-4404 to schedule a free initial consultation with the Torrance business succession lawyers at the Law Offices of James C. Shields. We are ready to answer any of your questions and guide you so that your business and you family are secure if something unexpected occurs or after your passing.
The Importance of a Buy-Sell Agreement
A buy-sell agreement (BSA), is essential for any good business model and guarantees a set price and a willing buyer in the event of a death or retirement. A buy-sell agreement will lock-in the value of the business at a conservative price, which is essential for good estate tax planning. It will name the future buyers and ensure that there is funding available to immediately purchase the business interest and ensure continuity of production. It is necessary to plan to fund the buy-sell agreement so that there are liquid assets available; purchasing life insurance is the most common way to accomplish this goal.
Advantages of Establishing a Revocable Living Trust
Another key element to good business planning is to execute a revocable living trust. This will keep the business completely free from the probate estate, avoiding administrative fees and keeping your business interests free from public scrutiny. Revocable living trusts allow business owners to name a successor trustee, ensuring the assets and control of the business are passed along smoothly, quickly, and privately.
Contact Our Torrance Business Succession Planning Attorney Today
If you own a closely held business, there is no time like the present to implement a good business succession plan. Doing so will free a business owner from worry about what is going to happen to the business and their family after he or she retires or passes away. Reach out to our Torrance business succession attorneys today.
Understanding Business Succession Planning in Torrance, CA
In Torrance, where family-owned businesses are a cornerstone of the local economy, having a solid business succession plan is not just a good idea—it's essential. The Torrance Chamber of Commerce and the City of Torrance provide resources and support for local businesses, emphasizing the importance of planning for the future. As a business owner in this vibrant community, you may face unique challenges, such as navigating local regulations or ensuring your business remains a trusted part of the community after your departure.
Many business owners in Torrance worry about the potential disruption that can arise from unexpected events, such as health issues or sudden retirement. Without a clear succession plan, your business could face turmoil, affecting not only your livelihood but also the jobs of your employees and the services you provide to the community. Our team understands these local pain points and is here to help you create a tailored succession plan that addresses your specific needs and concerns.
Whether you are in the heart of Torrance or surrounding areas like Redondo Beach or Carson, our commitment is to help you secure your business legacy and protect your family's future. Don't leave your business's fate to chance—reach out to us today to discuss how we can assist you in developing a comprehensive business succession plan that meets the needs of your Torrance business.
Commonly Asked Questions
What is business succession planning and why is it important?
Business succession planning is the process of preparing for the transfer
of ownership and management of a business when the current owner can no
longer run it due to retirement, death, or other unforeseen circumstances.
It is crucial for preserving the continuity of the business and protecting
the livelihoods of employees and family members who depend on it. Without
a solid plan in place, a business may face disruptions, financial losses,
or even forced liquidation. In Torrance, having a well-structured succession
plan can safeguard your business legacy and provide peace of mind for
you and your family.
Why hire Law Offices of James C. Shields for my business succession planning?
We are a trusted firm committed to serving our clients and their families
with care. Our team of seasoned attorneys brings over 50 years of combined
experience in navigating the legal and financial complexities of business
ownership and succession planning. We work closely with you to craft a
personalized strategy tailored to your unique needs and goals, setting
the path for a smooth transfer of ownership and control. Let us help you
safeguard your business’s legacy for generations to come.
