(801) 254-9450 Business owners must plan for the future to avoid compromising their operations and other potential complications. With the help of a South Jordan business succession planning lawyer, you could develop exit strategies that ensure your business continues down the right path even after you step down as the owner. Consult our skilled estate planning attorneys from Carr | Woodall to find out how we could help you secure your business’s future.
To protect a business after stepping down from your position, it is crucial to select the right successor based on strong qualifications, experience, and overall compatibility with the company and its leadership requirements. The right attorneys could help you develop a comprehensive exit strategy to ensure everything is in order when your successor steps up, including the following.
One important aspect of any succession plan is a solid buy-sell agreement, which dictates how to distribute the current owner’s share of the company in the event of their stepping down, sudden passing, or retirement.
Estate planning is important for distributing a business owner’s assets when it comes to family-owned businesses. In developing an estate plan, owners must think about tax strategies, including estate tax and asset protection. Although Utah has no estate tax, the federal estate tax could still apply.
Once a business owner has chosen a successor, it is crucial to train them to current standards to ensure they know how to effectively run the company’s operations. Management transition plans help facilitate a smooth transfer of responsibilities to keep the business running as it should, even during the handover.
All stakeholders should be aware of how the succession plan works and know what to expect from the transition of responsibilities. For help with all of these planning elements, it is in your best interests to consult with a knowledgeable business succession planning lawyer in South Jordan.
The process of developing a strong business succession plan could get complicated. A reliable lawyer in South Jordan could learn about your specific needs as a business owner to develop a fully personalized succession plan that works for where your business needs to go. They could also handle all negotiations to ensure every involved party understands the specific terms and conditions in the plan and its buy-sell agreement for clarity and transparency.
If you are getting ready to step down from your business, consider getting help from the highly skilled South Jordan business succession planning lawyers at Carr | Woodall. Our legal team could equip you with everything you need for a smooth, confident transition of responsibilities. Contact us today to learn more about what our firm could do for you and your business.