What Are My Options For Business Succession?
Planning for the future of your business has many benefits, including peace of mind for you, your family, and your employees. There are many different options available for you when it comes to determining the future of your company, and an experienced business succession planning lawyer can help you decide what is best for you. At Fisher Law, our skilled and experienced Norwood estate planning lawyers are here to assist with every step of the business succession planning process. Call or contact our office today to schedule a consultation of your company’s needs.
Pass to the Next Generation
One option for business succession is to pass the company along to the next generation. This could be family members that are taking over the running of the business or passing it along to loyal employees who know the business inside and out. When passing along the business to the next generation, you should consider identifying specific people, their titles, and their individual responsibilities when the time comes to take over.
Sell the Business
A second option for business succession is to sell the company to an outside party. One benefit of this option is that the owner can walk away from the company with the proceeds from the sale; however, a drawback of this option is that the owner has no say in what the new ownership of the company will do with it. Depending on the relative success of the business during the owner’s tenure, there may be multiple offers on the company that can be considered before making a final decision.
A third option for business succession planning is to have co-owners or partners buyout the owner that wishes to leave. In many cases, this provision is built into the partnership agreement or other originating documents for the company. Benefits of the business buyout option include the ability to restrict who is allowed to buy the business, set a buyout price, or determine how the business will be valued in a buyout setting.
Close the Business
One final option for business succession planning is to simply close the business when the owner decides to leave the company. Once closed, the business can liquidate its inventory and assets, and the proceeds go to the owner. Any outstanding debts to vendors or others must be paid, but once the business is closed there is no need to consider who will take the mantle of leadership once the original owner leaves. To learn more about your options for business succession planning in the Boston area, talk to our office today.
Call or Contact Us Now
At Fisher Law in Norwood, serving the Greater Boston area, our experienced and skilled lawyers understand how stressful business succession planning can be for company owners. We help you throughout every step of the process, answering your questions and helping create a succession plan that works in your best interests. To learn more about your options and for help determining which is right for your company, call the office or contact us today to schedule a consultation.