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Home > Blog > Business Succession Planning > Business Succession Planning for West Palm Beach Business Owners

Business Succession Planning for West Palm Beach Business Owners

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If you own a business, it’s important to think about what you want to happen in the future. What would you want to happen to your business if you retire? What if you unexpectedly pass away? Will your business remain in your family or pass to a business partner? There are so many questions that need answering, which is why you need a business succession plan in place. This is where a West Palm Beach business succession planning attorney can help.

At the Law Offices of Larry E. Bray, P.A., our Florida business succession attorneys can help you get a plan in place to protect your business entities and assets, including LLCs, LPs, corporations, and more. Our experienced legal team can also give you advice on purchasing or selling business stock or other assets.

What Exactly is Business Succession Planning?

Business succession planning is a smart step for small and medium sized businesses as a way to prepare for the founder’s exit at some point. The best succession plan will include contingency plans for both retirement and an unexpected, early death. A solid plan will help provide for your family in the event you pass away. It also helps provide a means for retirement and a way for your business to carry on and while meeting your original goals.

When you retain a Florida business succession attorney, he or she will make sure your legal documents are in order to facilitate the eventual transition as well as ensuring financial measures have been taken that will make for a smooth transition. Your business may be one of your biggest assets, therefore you need to protect it for your family and generations to come.

Buy Sell Agreements

Buy-sell agreements are an important part of comprehensive business succession plans. This is a contract between you and someone else to say you agree to sell them the business and they agree to buy the business — upon triggering events. You can decide on  the terms, like your death, retirement, or that you just want to sell the business. This is why you need an attorney to make sure everything is in order.

Estate Planning as a Florida Business Owner

If you own and operate a family business, there are some questions you should be asking yourself as you decide what your succession plan should be. Some of these questions include:

  • Who do you want to run the business after you? Will the head of the business be family members or someone outside of your family, like a key employee?
  • If you don’t plan to have your spouse running it, will he or she still be depending on income from the business?
  • If you have children who are not active in your business, have you made arrangements for their inheritance?
  • Do you have a son or daughter-in-law? Have you taken any steps to protect your business from future claims?
  • Have you thought about future business transfers? Like one from your children to your future grandchildren?

Contact a West Palm Beach Business Succession Attorney

If you need assistance with business succession planning, contact the Law Offices of Larry E. Bray, P.A. to schedule an initial consultation.

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