Share

Round Rock, TX Attorney Blog

Friday, August 7, 2015

Small Business Succession Planning

As a small business owner, what do I need to consider when deciding the best course of action for the future? 

You’ve spent your life building and growing your business. You’ve invested time, money, and more sweat equity than you could possibly recall. Yet, you’ve come to terms with the fact you won’t be around forever to manage everything – and you’re not quite sure what the next step should be. 

Sound familiar? If so, it may be time to meet with a reputable business succession attorney at the Winters Law Firm – a team of legal professionals with a keen understanding of the unique estate planning needs of Indiana small business owners. For help, contact our Valparaiso office right away, and consider the following as you plan for the future: 

Issue #1: Family Dynamics: For many, the obvious choice in business succession planning is to pass the dynasty on to the next generation. However, this choice should not be made lightly, and oftentimes families hand over the reins to children only to see the business liquidated and sold a short time later. Thoughtfully consider the strengths and weaknesses of family members before making this pivotal decision, and do not be afraid to consider other options. 

Issue #2: Transition Style: Are you ready to retire and get out of business altogether? Or would you rather stay on board in a “consulting” role as your children or partners continue in the day-to-day management of the enterprise? The answer will depend heavily on the current management structure, and whether there is anyone in place who knows the ins and outs of the business with the same keen attention to detail as the founder. 

Issue #3: Liquidation: It may be a difficult concept to consider, but for some small business owners it makes the most sense to sell the business and use the proceeds for a comfortable retirement. For high net worth businesses, this option will also prompt the need for a strategic and well-thought-out estate plan – which our office can help with as well.

If you are ready to discuss your options in business succession planning, please do not hesitate to contact the estate planning attorneys at Winters Firm right away: (219) 307-4373. 

Archived Posts

2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014


Estate Planning and Elder Law News



© 2017 Gerald Winters, P.C. | Disclaimer
1000 Heritage Center Circle, Round Rock, TX 78664
| Phone: 512-270-3807

Estate Planning | Elder Law | Tax Law | Business Law | | Attorney Profile

Law Firm Website Design by
Amicus Creative