Business succession is a key component to any business, regardless of size and consulting with a business attorney in Charlottesville, Virginia is invaluable. Depending on the variables at play, there can be a variety of complexities that should be considered. Without a plan in place, you put your legacy at risk for not being carried out in the way that you would like. In addition, your family may be left to contend with determining how you would like your business to live on. When a business succession plan is appropriately planned and executed, complications can be mitigated, the business may be secured for the future, and succession can run smoothly. Failing to properly plan can result in a number of problems. Working with the law office of Dale Jensen, PLC may be key in alleviating some of the stress that comes with this process and mitigating problems.
Without a Plan for Your Business…
When developing a plan for your business you will need to make a number of considerations. Dale Jensen, PLC, a Charlottesville, VA business attorney, considers a variety of platforms such as your family, shareholders and business to ensure that your plan is comprehensive. Even if you are planning to pass your business on to an adult child, you will still need to put in place a succession plan to ensure nothing is left to the imagination. Without a business succession plan in place you are risking a number of problems:
- – Choosing the wrong successor
- – Changing interests: although certain family members may not express interest early on, down the road they may change their mind
- – Successors are not successful in carrying out your business
- – Family and business partners fight over succession
- – Taxes are disregarded
- – Confusion over who will take over
- – Misuse of power by successor
When developing a business succession plan, business owners will need to consider accessing a variety of professionals. All aspects of the business will need to be evaluated. Speaking with family members, your business attorney in Charlottesville, VA, accountant, and financial advisors will be key to successful planning and execution.
Reasons for working with Dale Jensen, PLC
Failing to develop a clear plan of succession for your business can provide a variety of problems. You will want to make sure that nothing has been left out. There can be a number of complexities to business succession. An attorney, like Dale Jensen, PLC, who has experience in this area of practice is key in developing a plan and making sure that you have made all considerations. The law office of Dale Jensen, PLC, a Charlottesville business attorney, will:
- – Make sure that you make decisions regarding all aspects of your business in the event of retirement or death.
- – Consider business partners and the best way to incorporate them into the succession plan
- – Help you draw up a plan to carry out your legacy
- – Ask questions and gather as much information as possible
- – Listen to your values and incorporate them into your plan
- – Help you in balancing your family with your business plans
There is no business too big or small that couldn’t benefit from a business succession plan. Whether you are looking to ensure that your business lives on for years to come, or you would like to dissolve your assets following your passing; a plan can give all involved peace of mind.
Although it may seem daunting, business succession can help to carry out your wishes or ensure that you are able to retire with a plan in place. Business succession is a complicated process that can come with its’ fair share of issues and complexities. Business succession can help to provide not only planning, but preventative measures to problems that may arise down the road. Contact Dale Jensen, PLC, a business attorney in Charlottesville, VA, to discuss the best way to initiate the process for your business.