Are Succession Plans Necessary?
Whether you have spent a lifetime building your family’s business, or you are just starting, it is never too early to think about the future. Through proper succession planning, you can protect all that you have worked for and the legacy you wish to leave behind.
Here at Lidia Law Firm, P.C., we work with small, medium and large businesses in Edmond and the surrounding areas. Our goal is to help business owners like you develop a succession plan. One that can resolve the potential issues your company may face should you retire, become incapacitated or pass away.
What Do They Commonly Entail?
Often used as part of an ongoing business management strategy, succession plans ensure the continuation of a business. They can be as elaborate or straightforward as needed, but typically address the important factors, such as:
- Your goals for the business and yourself
- The financial impact on you and your family
- Any tax concerns that may arise
- The necessity of a buy-sell agreement
- Who the next successor will be
- Any formal training the successor may need
- The transfer of ownership to your successor
- The timeline of succession
When you enlist our services to help you create a plan for you and your business, however, you also get a strategy that is specifically tailored to you.
Should You Involve An Attorney?
Depending on the unique details of your case, succession planning can be a complex process. But as a former staff attorney for the Oklahoma House of Representatives, Mr. Lidia has the extensive experience you need on your side. The right attorney can help you explore your options to establish a plan that can benefit both you and your business.
Our attorneys have a thorough understanding of business planning matters that range from the formation of a business to its operation. To take advantage of this knowledge, call 405-757-4861 or request a consultation online.