Wichita Attorneys Assist with Business Succession Planning
Experienced lawyers help owner-operators step aside with confidence
When the principal of a closely-held company approaches retirement age, a major concern arises regarding the future of the business. At Bever Dye, LC, our business attorneys help sole proprietorships, partnerships and family businesses throughout Kansas transition smoothly and preserve customer goodwill, as they pass the baton from one generation to the next. We also advise on mechanisms that provide secure income streams for the principle in retirement. Our attorneys understand that stepping away from a business you’ve built is an emotional process. We help you make rational, well-informed decisions that strengthen your business as it moves forward.
Key issues in succession planning for your family business
You probably have a number of concerns about transferring your family business to one or more of your heirs. However, there may be some issues you have not considered, such as:
- The vision for the future — Your next generation of ownership may want to introduce changes you have resisted.
- Customer good will — You must make your clients comfortable with the transition so they anticipate getting a level of service they’ve come to expect.
- Alignment of family interests — To what extent is the business going to continue serving family members who may have their own interests and pursuits?
- Interfamily disputes — Family members with an interest in the business may not agree on how to move forward, or may be incompatible working together.
- Balancing financial returns — Shall the business provide income for all family members or only those who actively participate in operations? How will profits be shared?
- Estate and inheritance issues — Is the business large enough to trigger estate tax? To whom are you leaving the business? Are you dividing ownership and authority among several beneficiaries?
Our attorneys take a personal approach to business planning. We want to hear your concerns, so we can advise you on the best strategies for achieving your goals.
Helping you develop a succession plan
Business succession requires a great deal of thought and preparation. There are five essential steps in the process.
- Choose your successor — You should resist the temptation to make a sentimental choice, selecting instead the person most qualified to lead.
- Develop a formal training plan for your successor — Depending on your successor’s business background, this could be a simple walk through or a substantial apprenticeship.
- Establish a timetable — You, your successor, your employees and your customers need time to adjust.
- Prepare yourself for retirement — You can’t turn the business over until you’re ready to leave it behind.
- Install your successor — This is the point of no return. You have formally vested your successor with authority over the business.
With legal assistance from our knowledgeable attorneys, you can transfer your business seamlessly and rest assured that your most valuable asset is in the right hands.
Contact our Wichita business succession attorneys
If you’re a small business owner, succession planning is an essential part of estate planning. Attorneys at Bever Dye, LC understand the issues and provide you with the personal assistance you need throughout the process. Call us at 316-263-8294 or contact us online to speak with an experienced attorney for business succession.