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Business Succession Planning: An Essential Aspect of Estate Planning

Charles T. Weiss represents business owners who desire to transfer the legacy of their company to family members, new owners, or key employees. Succession planning can address a planned departure from the business or an unexpected event requiring an immediate transition.

Mr. Weiss’ primary focus is helping his clients smoothly transfer ownership through an estate plan, and transfer leadership and operations control. A succession plan can address the role of family members who desire to participate in the business and the role of business partners will play after the ownership transition. In addition, a successful plan can employ safeguards for the business such as key man life insurance.

Each and every business is unique, and each business succession plan prepared by Charles T. Weiss is tailored to the dynamic needs of his clients.

Why should you have a business succession plan in place? Finding a willing buyer is rarely just a matter of advertising the business for sale. More likely than not, the next owner of your business will be someone you prepare in advance, yet most business owners want to retain some control or authority even after retiring. Preparing the successor often occurs over a long period of time and includes an apprenticeship. If the successor is not properly prepared, your handpicked a successor may have very different ideas as to how the business should eventually be run. Dividing the business among family members without properly preparing them could also be a recipe for disaster, particularly if one family member feels the division is unfair.

Knowing in advance the complexity of business succession plan and the potential pitfalls involved, it is critically important to work with a knowledgeable, qualified attorney to prepare an effective succession plan as part of your overall estate plan.

 

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