Estate Planning
Business Succession Planning.
Protect the business you built. A clear succession plan keeps your company running through retirement, incapacity, or death, and protects the people who built it with you.
Estate-planning techniques are central to business succession planning, because they enhance the likelihood that a family-owned enterprise continues through incapacity, retirement, or passing. You might want to pass the business to your descendants, bring in fresh partners, or sell to loyal employees who helped the company grow. Whatever your preference, a comprehensive plan is crucial to a seamless transition.
Questions a succession plan answers
- What should happen if an owner passes away?
- What happens if an owner becomes incapacitated?
- What if an owner wishes to sell shares or interests to a third party?
- How do you incentivize employees for their contributions to the business’s success?
- How do you resolve disputes over the business’s management?
- How do you handle long-term care needs or retirement?
Answering these questions is how a succession plan is built, and the answers are typically memorialized in an operating agreement and/or shareholder agreement. The most successful businesses prioritize identifying and developing key employees for leadership, creating a transfer-of-ownership plan, and establishing clear communication with stakeholders. Our attorneys build succession plans that let a company maintain continuity and stability, retain key talent, and position itself for long-term success.
Succession planning works hand in hand with your estate plan and, for many owners, with asset protection for the wealth the business represents.
When formation or corporate compliance is part of the plan, our affiliated Tresp Corporate Services handles entity formation, registered-agent service, and corporate compliance in all 50 states, corporate paper and compliance only, never legal advice, while our attorneys handle the legal strategy. We explain the why; they execute the how.
To discuss your situation with our attorneys, call (858) 755-6672 or request a consultation.
Common questions
Frequently asked
What is a business succession plan?
It is a plan for how ownership and leadership of a business transition when an owner retires, becomes incapacitated, or dies, covering who takes over, how interests are valued and transferred, how disputes are resolved, and how key employees are retained. The terms are usually built into an operating or shareholder agreement so the transition is orderly rather than chaotic.
When should I start succession planning?
Well before you need it. Succession planning is most effective when built calmly and in advance, so the business can weather an unexpected death, disability, or departure without disruption. Waiting until a triggering event forces the issue often means a rushed, costly, and contentious transition.
This overview is general information, not legal or tax advice, and does not create an attorney-client relationship?
This overview is general information, not legal or tax advice, and does not create an attorney-client relationship. Every situation is different and the law changes; consult a qualified attorney about your circumstances.
This website is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Every situation is different; please consult a qualified attorney about your specific circumstances.
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