Torrance Business Succession Planning Lawyer
Ensure The Protection of Your Family And Your Business
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.
Ways To Ensure Business Succession Goes Smoothly
- Create an 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.
- Obtain disability insurance. 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.
- 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 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.
- Have a 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.
Why Create 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.
Benefits of 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.
Plan Ahead for a Smooth Succession and Minimal Disruption
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.
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