Business Lawyer Memphis, TN
Many people feel a peace of mind when they plan for the unavoidable. If you are someone who has invested your time, money, and energy into a business, this is no different. When you pass away or retire, you want to have peace of mind that your business can keep operating without you to head it. For many, this is just as important as writing your last will and testament. However, you might not be sure where to start. Can you simply tell people who you want to run your business when you are gone? Business lawyers know you have many questions regarding business succession and have helped many clients over the years by answering these questions and developing a strategy that is right for them.
What Steps Can We Take?
When developing a business succession plan, we sit down with our clients to go over a few main steps that can help them envision what they want their business to look like in the future. These steps are:
- Establishing Your Goals
- Determine the Decision-Making Process
- Decide on Your Succession Plan
- Create Your Transition Plan
Step 1. Establish Your Goals. The first thing you should do when creating your business succession plan is to establish your goals. If you already have a business succession plan, you can review it and determine if it has the rights goals in mind. As we formulate this plan, decide what the vision and objects are for this business once you are gone. Is it important that your family is involved with it? Do you have professional advisors on retainer to help fulfill these goals? You can also use this time to determine your own personal retirement goals through the business.
Step 2. Determine the Decision-Making Process. Who is involved in the decisions for your business? Will this be left to trusted people in your company, third-parties, or family members? What happens when a dispute arises? Will your document have the answer for the final say or will you have someone appointed and put in place to resolve the dispute? You should also communicate what your succession plan is to your family members and your stakeholders.
Step 3. Decide On Your Succession Plan. At this step, we can decide on who your successors will be. It is also imperative to identify members of your family that are active and inactive regarding your business.
Step 4. Create Your Transition Plan. Finally, you can determine the timeline you believe is appropriate for implementing your business succession plan. You can also consider the different financing options if you want this business to be purchased. Do you want to finance through a third party?
How an Attorney Can Help
A business lawyer Memphis, TN trusts at Wiseman Bray, PLLC wants to see you and your business succeed, while you are still at the reigns and even after your business is in the hands of someone else. When you work with a trusted lawyer, you are getting an ally that can help you navigate the different business succession laws and help you find the right plan for you. Don’t hesitate any longer on your business’ future. Call an attorney today.