Why You Need Business Succession Planning Now
As the owner of a new or established business, you likely want the business to have staying power. For an enterprise to thrive after you have left the scene, however, proper legal planning is required.
At the Sawyer Law Firm PLLC in Fort Worth, Texas, we help business owners develop the plans that are needed to ensure the future health of a business.
Why Some Businesses Have Long Lives
Why do some businesses continue for generations and others do not? Sound succession planning is probably one of the reasons. In house strategic planning is a key to longevity for family owned businesses. Thoughtful consideration of the strengths and weaknesses of all key personnel and employees (including family members and third parties) is vital.
When the owner or a partner becomes incapacitated or dies, businesses and partnerships that do not have succession plans often fail. Businesses also can be placed in peril when the partners decide they no longer want to work together.
But with proper planning, a business can survive.
A Variety Of Potential Strategies
Strategies for business succession can include:
- Buy-sell agreements
- Selling your interest in the business
- Family limited partnerships
- Installment notes
At the Sawyer Law Firm PLLC, we draft documents, of course, but our attorneys also can draw on our decades of experience in providing legal counsel to businesses. We can help you with issues that include:
- Picking your successor
- Conducting conversations with potential successors
- Establishing a timetable for succession