Business Succession Planning
Business Succession Attorneys in Atlanta, GA | Dynamic Estate Planning
Dynamic Estate Planning is composed of experienced business succession attorneys in Atlanta, GA, who are dedicated to helping you preserve your business legacy. If you have been struggling with the transition of your business, Dynamic Estate Planning is here to help you create a comprehensive business succession plan that works best for your company. Contact us at 404-991-6511 to get started.
Many successful business owners fear the passing of their company onto others not so much because they are worried about losing control, but oftentimes because they do not want to see the company fall apart on their watch. If you are at the helm of a thriving business, then you understand just how vital it is that everything runs smoothly. You have likely spent years building up your prized venture to become what it is today, not to mention all of the blood, sweat, and tears put in along the way. If this is true for you, perhaps it’s time to set your fears aside and take a closer look at the business succession planning process.
Business Succession Planning – The Process
While there is no such thing as a “one-size-fits-all” approach when it comes to business succession, there are steps that you can take to ensure that your interests will be protected should anything happen in the future. As a business owner, one of the first things that you need to do is to identify the people who have the skills to take over the business if something happens to you. This may be your spouse or children, or perhaps a dedicated employee that has been with your company for several years.
Once you have identified this candidate, it is time to develop strategies on how they can assume control of the company – if possible, you will want them to have the ability to take over without missing a single beat.
One common mistake that business owners make when it comes to succession planning is failing to put their plan in writing. While this may not be the most fun thing to do, you should treat a solid succession plan as an extension of your business plan. In addition to laying out the future plans for the company, it is also critical that you detail what happens if someone dies or becomes incapacitated. If you fail to do this now, you may put your company’s future success in jeopardy.
Business Succession Planning – The Big Picture
Although it is important to have a succession plan in place, you should not get too caught up in the details. In other words, there is no reason for you to try and identify every possible scenario that might occur. Rather than worrying about what happens if something goes wrong, simply focus on making sure that your business will continue to be successful long after you are gone.
Once you have this final objective in mind, it is time to create a plan of action. To cover all the aspects of your business, it is recommended that you meet with an experienced business succession attorney to help you establish a solid business succession plan. Dynamic Estate Planning is one of the few firms in Atlanta, GA that can help you with this process. We have a team of expert business succession lawyers that can help facilitate a tax-efficient and orderly transfer of your business. Our expertise also encompasses shareholder/owner (buy-sell) agreements, consulting contracts, employment contracts, trusts, and a myriad of other legal tools that can secure the future of your business.
Business Succession Planning Services Offered by Dynamic Estate Planning
Dynamic Estate Planning offers a wide range of legal services related to business succession planning. Our legal team is committed to upholding the highest possible standards in our field, and we work tirelessly to help our clients obtain desirable results for their companies. Our business succession planning services include:
- Management Succession
- Shareholder Agreements
- Life Insurance Arrangements
- Capital Restructuring
- Buy-sell Agreements
- Non-compete Agreements
- Stock options and Restricted Stock awards
- Deferred Compensation Arrangements
- Family Limited Partnerships
- Tax Planning
- Exit Strategies
- Wealth Transfer through Trusts
Protect Your Business Legacy with Dynamic Estate Planning
Proper succession planning can minimize tax liabilities, provide protection for heirs and successors, and maintain the core competency of the company, while eliminating uncertainties and minimizing unintended problems both now and in the future. If you want to protect your business legacy and take a proactive approach to business succession planning, contact Dynamic Estate Planning at 404-991-6511 today.