You have worked hard to build a successful business and now you are looking forward to the future – one that may include passing along a family business or partnership interest to a partner, a trusted employee, or a younger family member. You need an exit strategy that will provide you with peace of mind and protect the financial viability of your business.
Maybe you are launching a new business venture. It is never too early to create a business succession plan to prepare for unexpected circumstances, like a divorce, death or disability of a partner, or the voluntary transfer of interests to a third party.
At Albin Oldner Law, PLLC, our business succession planning lawyers act as virtual in-house counsel helping business owners, business families and companies throughout Texas plan for the future while protecting and preserving their valued legacy.
You can avoid disputes over the division or transition of a company by addressing the issue in your bylaws, company agreements or other governing instruments. A buyout provision establishes the procedures and price determination when one person leaves the business.
An effective buyout agreement, upon the death of an owner, includes terms for payment through a life insurance policy that names the company as the beneficiary. Such an agreement protects your company and prevents the devastating prospect of having to fight your business partner’s heirs in court. Not only is an agreed process established, but the value can also be agreed in advance.
Succession in a family-owned business is usually more complicated than simply assuming your spouse or child will take over. A precise and well-documented succession plan helps your family move forward with minimal disruption. It may also prevent unpleasant in-fighting between family members.
We will guide you through the process of choosing the right person, or people, for management roles. Each family member will have unique skillsets that lend themselves to specific positions. You may decide to divvy up tasks accordingly. We can help you put the wheels in motion to prepare your family members for their future roles.
Even if your job is highly rewarding, you may find yourself looking forward to retirement. By planning early, you can confidently leave your business in your successor’s hands and recoup the investment you made.
Several anticipatory steps may be needed to accomplish a smooth business transfer. We will help you consider such aspects of your business as taxation, leases, real estate title, mortgages, bank loans, financial investments, vendor contracts, client communications and executive contracts as he tailors your succession plan.
Secure your business’s future through effective succession planning. Albin Oldner Law, PLLC serves clients in McKinney, Celina, Allen, and communities throughout Denton County.