An attorney with expertise in business and estate planning can help owners and shareholders make a plan to ensure a smooth transition. Plans are customarily created after employees, coworkers, other shareholders and family members have been consulted and goals for the future of the company have been outlined.
The steps can be fairly straightforward, if the needs of all parties are taken into consideration. Having an experienced and knowledgeable guide and soundboard is essential in creating this plan.
Businesses are commonly transferred to one of the following three:
- Third Parties
A majority of current business owners want to sell their business to “insiders:” family members or key employees. However, this can pose numerable challenges. We work with our clients to bring about an acceptable agreement for all parties involved by exploring, designing and helping implementing this plan.