Succession Planning for Business Owners
At General Counsel, P.C., our attorneys have extensive experience in representing a wide range of local, regional and national companies. We are particularly sensitive to the needs of government contractors and emerging growth businesses. Our knowledgeable lawyers provide comprehensive legal advice on how to gracefully exit your business.
Find out how General Counsel can help!
Succession planning may not be the most pleasant of tasks for most business owners, but nonetheless it is an important one. It’s likely that you have invested a great deal of your blood, sweat and tears into your business. As a result, you would like to see your business and efforts flourish after you leave the helm. As the name would imply, succession planning requires a great deal of planning and evaluation. If a succession plan is not done ahead of time and planned out in an orderly manner, then it will be done in crisis, which could result in disaster.
The main elements of a well developed succession plan will cover:
- How to transfer the power and control of the business; and
- How to transfer the assets of the business.
Our business attorneys understand the importance and necessity of creating an appropriate succession plan for your business. We can help you formulate the right strategy for your business so that it is ready to meet the challenges posed by retirement and/or sale of the company. This successful planning can also extend towards easing or preventing the problem areas that arise between corporate owners.
Through careful drafting of Operating Agreements (LLC), Partnership Agreements (Partnerships), or Shareholders Agreements (Corporation) we can work with you to include buy-sell provisions that will allow you as an owner to be prepared for whatever situation may arise. General Counsel will work closely with you to ensure that your business has a succession plan in place that effectively plans for uncertainties, anticipates externalities that may affect the business in the future, and defines the business’s relationships through operating agreements, shareholder agreements, and/or most importantly, buy-sell agreements