Experienced Business Succession Attorneys Helping You Protect Your Company
Looking to protect the future of your company? Succession planning is an important step in ensuring your business remains in a position to thrive when your time at the helm comes to an end. Let our business succession attorneys at Bruckert, Behme & Long, P.C., help you safeguard your legacy.
From offices in O’Fallon and New Baden, we help business owners throughout the Metro East area of Illinois with their succession planning needs. With over 40 combined years of experience, our team is here to provide you with personal service, tailored guidance and cost-effective solutions you need.
What Is A Business Succession Plan?
It is strategic blueprint for transitioning ownership and management of your business when you leave your company or are no longer able to play a role in running it. Such transfers can be challenging. Without proper planning, your goals could easily be derailed and your business could face uncertainty and instability. So having a solid plan in place for succession in advance is essential.
Do You Need A Lawyer?
While creating a succession plan on your own is possible, it is generally to your advantage to bring in a skilled estate plan team. Knowledgeable attorneys can help you:
- Understand your options
- Identify useful strategies you may have missed
- Get in front of issues that could lead to costly conflicts
- Ensure you have a plan that addresses all key issues
Our experienced team provides succession planning services to businesses of all shapes and sizes and stands ready to help you.
Creating A Business Succession Plan
When forming a succession plan for your business, it is critical to consider the following carefully:
- Your goals: You’ll want to identify in advance what you are hoping your plan will achieve.
- Who your successor will be: There are many potential people business owners could choose to hand the reins of a business to, from employees to children and other family members to business partners.
- Transition process: How exactly do you want the transfer to occur? There are a variety of options out there, from trusts to buy-sell agreements. It is important to pick an avenue that fits well with your situation and goals.
- Timelines: Do you want to transfer control and ownership more or less all at once, or slowly over time?
- Vision: It is important to ensure your successor has the information, training and resources to necessary to follow your vision when it comes to business strategies and business development.
Our lawyers can help you with all aspects of forming a plan personalized to your unique wishes and needs.
Making Sure Your Plan Fits With Your Business’s Structure
One key thing to consider when it comes to ensuring a succession plan is tailored to your business is your business’s structure. There are a variety of different business entity types, including corporations, limited liability companies or LLCs, and partnerships. Different types give rise to different needs when it comes to succession planning. We take the time necessary to understand your business’s structure, carefully review its governing documents and customize your business plan accordingly.
Addressing Challenges With Valuation
Getting an accurate appraisal of your business’s value is crucial for planning for the future. Sometimes, valuation can present complex issues. If this happens, we can refer you to skilled accounting professionals to ensure you have everything you need to make informed decisions when it comes to succession planning.
Plan With Confidence
Ready to secure the future of your business? Come to our business succession lawyers for knowledgeable and personalized guidance and support. Get in touch today by calling 618-589-1152 or filling out our contact form.