Do you know what will happen to your company when you need to exit or decide that it’s time to start transitioning out? Most companies don’t have a succession plan in place or even an agreement about how the business could be divided or sold.
Baby Boomers are entering retirement and their older years in increasing numbers. This means that many baby boomers who also own a business will need to think about the process of business succession planning. Passing things on to your adult children or other family members might seem like an easy transition, but this is not always guaranteed to work. Family members may have different intentions and certain children that you intended to take over the business may no longer be willing or able to do so.
Planning to transition out of your business often requires thinking carefully about the ways in which you want to transition out and the professionals you need to engage to help you. A buy sell agreement is one key document for business succession planning, which can be very helpful for baby boomers contemplating retirement. Working with an estate planning lawyer can help you to create a buy sell agreement, determining how family relationships might influence the business, the terms for how a business can be sold or bought at a later date, tax issues, valuation concerns and dispute resolution terms.
All of these issues can be discussed with your business succession planning lawyer in Pasadena so that you can create a custom estate and business succession plan to protect your interests.