Wisconsin Business Succession Plan lawyer
It is essential to have a succession plan if you have a business to ensure that your wishes are followed and your values are maintained even after you are not in control of the business. Failure to create a succession plan means you are not properly planning, thus putting your business, and potentially your family, in jeopardy.
A business succession plan involves issues of ownership, management, and tax savings to ensure a smooth transition of your business to its future owners after you pass or retire. The plan deals with defining your business goals and financial needs, strategies for the management transition, transfer of ownership, tax planning for the business, and addressing asset protection opportunities and challenges. A succession plan secures the confidence of your customers, lenders, employees, suppliers, and future owners by ensuring long-term growth, continuity, and stability of your business.
Succession plans are essential for family businesses. As the business owner you must determine your future objectives for the continuation of the business. Family and business interests may align or contradict, thus family members should discuss their visions and plans for the business.
Family business succession planning questions to consider
- Is the business strong enough to continue on to the next generation?
- Is there any family members not currently involved in the business who wishes to be? How do they want to be involved?
- Do the interests of individual family members align or contradict with the overall vision of the business?
- Would it be better to sell the business to ensure liquidity and financial security for the family?
- Who will take over the business if it is not sold?
- Is this individual qualified and trained to run the business? If not, how can they prepare?
What happens without a succession plan?
Without a succession plan there is a lack of clear direction and leadership, which can lead to power struggles and family issues stemming from business disagreements. There is also potential litigation costs associated with the familial business conflicts in the future, and potential loss of value if surviving shareholders decide to sell.
What can a lawyer do?
Konstantakis Law Office’s attorneys are experienced in corporate law, family law, and estate planning, which offers a unique perspective and invaluable advice when creating a business succession plan. Contact us today to learn more about how to personalize your succession plan to meet your goals and needs.
