Every business relies on capable leaders. Yet, when a key figure unexpectedly exits due to death, illness, or retirement, companies face uncertainty. Without a clear succession plan, chaos could occur. Family-owned businesses often grapple with disputes among relatives over shares. Larger corporations face instability as employees and clients depart, and shareholders struggle to maintain control.
Enter the solution: succession planning. By consulting an attorney versed in business and estate law, owners and shareholders can design a strategy for a seamless transition. These plans, tailored to each business’s unique circumstances, may involve retention or buy-sell retention.
Retention planning keeps assets within the family, while buy-sell retention offers shares to other stakeholders or key employees. These plans establish procedures for selecting competent successors, ensuring continuity, reassuring employees, and safeguarding the company’s assets. Additionally, they may include provisions for pension funds or retirement benefits.
Burkhalter Law can navigate complex issues, such as trusts for family members, asset distribution among employees, or even the sale of the company. With so much at stake, a well-crafted succession plan provides stability and protects the interests of all involved. Contact us for expert guidance on securing your business’s future.
