As a business owner ourselves, we understand that your Missouri business is one of your most valuable assets and possibly your most significant asset. The Law Office of Christopher W. Dumm works with Missouri businesses for all your legal needs, from contracts, business formations, business exit strategies, and business succession planning.
Understanding Missouri Business Exit Planning
Business exit planning might come about for many reasons for businesses in Joplin, Springfield, and surrounding areas. Perhaps it is part of your estate planning, in anticipation of retirement, or part of a new chapter in your life. For whatever personal or professional reasons, you need a business exit strategy. An attorney with expertise in business and estate planning can help owners and shareholders exit your business smoothly.
A business exit strategy is customarily created after employees, coworkers, other shareholders, and family members have been consulted. At this point, goals for the future of the company have been outlined. The steps can be reasonably straightforward if the needs of all parties are taken into consideration. Having an experienced and knowledgeable legal guide is essential in creating this plan.
Missouri Business Succession Planning
A majority of Missouri business owners want to sell their business to “insiders” – family members, third parties, or often crucial employees who have gained their employer’s trust over the years. However, this can pose numerous challenges in Missouri. Unfortunately, handing over the keys of the business you created to the right person is not always as simple as it sounds.
Business succession planning helps business owners smoothly transition and ensure the continuity of your company’s operations upon the death, disability, or retirement of the Missouri business owner. Setting forth a plan can also help you prepare for the potential sale of one owner’s portions of the company.
Whether you are ready to pass on your Missouri business to the next generation or liquidate, you should seek out sound legal advice to assist you in this transition. Our experienced business formation attorneys will work with you to bring about an acceptable agreement for all parties involved by exploring, designing, and implementing your business exit plan.
The Law Firm of Christopher W. Dumm is here to help you and your loved ones understand Estate Planning, Elder Law, Asset Protection, Probate, Medicaid Planning, Special Needs Planning, and Tax Planning. We welcome you to contact our Joplin and Springfield, Missouri offices to learn more about how we can help meet your business planning and formation needs.