When planning for the smooth transition of a business, the goal is to maintain family dynamics and cohesion by selling the business or transferring the business to children. When executing a succession plan, both estate planning and taxation should be considered. At Lannom Law LLC, we discuss the future succession plan of the business, details of the structure and operation of the business, and financial goals when designing the estate plan.
Proper operating agreements or succession planning built into a trust agreement will allow the members or partners to follow a plan should catastrophe or the unexpected occur during the operation of the business. The agreement or plan can designate successors or representatives to guide the business through the transition to protect the company from the death or disability of shareholders. At Lannom Law LLC, we can assist you with transition strategy, LLC operating agreements, shareholder agreements, and all phases of buying and selling a business.
Contact us today to assist you in the growth of your business and allow us to help you Establish Your Legacy.