MEMPHIS BUSINESS SUCCESSION PLANNING LAWYERS
Contact our dedicated attorneys to discuss business succession planning in the Memphis, TN area.
As a business owner, you have put in countless hours, energy, and resources to establish your business in Tennessee. You have worked hard to build a company you are proud of, but have you considered what happens to your business when you retire, become disabled, or pass away? This is where Tennesse business succession planning comes in.
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What Is Business Succession Planning?
Business succession planning is a common process that business owners go through, often during Estate Planning. It is the process of identifying and developing a plan to transfer the ownership and management of a business to someone else in the future. The goal of business succession planning is to ensure a smooth transition of ownership and management, protect the value of the business, and provide financial security for the owner and their family.
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What Happens Without a Business Succession Plan?
Without a business succession plan, the future of the business is uncertain. In the event of the owner’s retirement, disability, or death, there may be no one to take over the business. This could result in the business being sold at a reduced value, liquidated, or shut down completely. In addition to the impact on the business, there can also be financial and emotional consequences for the owner and their family. Without a succession plan, the owner’s family may not receive the total value of the business or may have to pay unexpected taxes or fees. There may also be disputes among family members or other stakeholders over who should inherit or manage the business.
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Here are the steps our business lawyers will help you complete when creating a business succession plan in Tennessee.
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Identify goals and objectives. This may include determining who you want to take over the business, how you want the transfer to take place, and what financial arrangements need to be made.
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Choose a successor. This could be a family member, key employee, or outside parties such as a buyer or investor.
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Develop a plan of action for transferring ownership and management of the business. This may include creating a buy-sell agreement, establishing a trust or other legal entity, and addressing tax implications.
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Communicate the plan. Once the plan is developed, it is important to communicate it to all stakeholders, including family members, employees, and business partners. This can help avoid confusion and conflict down the line.
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Review and update the plan. Circumstances that may prompt an update to your succession plan include changes in the business, family circumstances, or legal and tax regulations.
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Ready to create your business succession plan? A Memphis business lawyer can help. Contact The Estate & Family Law Group, and we’ll discuss your needs and options regarding your business’s succession plan.
Your Family Is Our Focus
Our experienced Memphis attorneys know how to present our clients in a positive light before the court, often allowing us to achieve successful resolutions. From the time you first speak with us, to the final judgment of your case, our team will be with you every step of the way. You can rely on us for all of your family and estate law needs.