Thinking About the Future Ownership and Operation of a Family Business
Succession planning is an essential feature of a broader business plan. The current owners and managers will eventually retire, and sometimes the unexpected death or incapacity of a principal will cause serious problems for the company, as well as for the family. To learn how your business and your family can benefit from practical foresight, contact an Atlanta business succession planning attorney at the Teiger Law Center, in Alpharetta, Cumming, Canton and Gainesville.
With experience in both business law and estate planning, Tracy Teiger can help North Georgia owners and investors in family businesses, professional practices and closely held corporations think through the various considerations involved in passing control of a business from one generation to the next, or in planning for the sale or dissolution of the company.
If there is neither interest nor practical capacity for running the business by the next generation, then the succession plan should consist primarily of key person insurance to protect against any sudden death or incapacity in the current owner, and estate planning in the form of Will and Trust instruments providing for the eventual sale of the business, and distribution of the proceeds among the current owner's heirs, prove a savvy method for preserving, protecting and transmitting the family wealth.
Alpharetta Ownership and Management Succession Lawyer: Call 678-807-7456
When there are multiple investors or children interested in continuing the business, the situation can be more complex. Such options as family business trusts, family limited partnerships or LLCs, first-refusal rights or buy-sell agreements can protect the people and entities involved in assuring continuity of operations, and a fair distribution of the company's profits. Elements of the succession plan should also be reflected in the estate plan, as well as in business planning and organizational instruments.
Small business owners are not immortal, and a sound exit strategy that covers all plausible contingencies and continuing interests can protect both business operations and family priorities. To find out more about the role of a succession plan in broader business planning, contact the Teiger Law Center, in Alpharetta, Cumming, Canton and Gainesville.
