What Is Actually Meant By Business Succession Planning?

Business succession planning is the process of identifying and finding new owners to replace the current owners when they leave, retire, pass away and so forth. It includes finding internal people, either employees or family members, to fill the key positions in the company.

How Should I Transfer My Business To My Descendent?

A revocable trust is the simplest and most efficient means to transfer a business upon passing. There is little delay or court involvement in the process which makes the transition easier. It is very important you select a successor trustee that acts swiftly and is capable of handling a business sale.

What Are The Main Reasons To Create A Business Succession Plan?

You have worked hard to build your business. Placing a succession plan in place makes it easier for the people you leave behind to either sell the business profitably or continue the business long after your passing. People already able to step in and take care of pressing matters after your passing, liquidity to keep the business running, and a clear explanation of where you want the business to go avoids confusion and obstacles in a business’ continuation.

What Are The Essential Components Of A Business Succession Planning Program?

Finding the right people, clear guidance on who is in charge and who gets the business and enough liquidity are the essential components of a successful business succession plan.

Do All Estate Planning Attorneys Handle Business Succession Planning?

Most, but not all. Fortunately, our law firm, Knollmiller & Arenofsky, LLP, has a tax attorney, unlike many other firms, that looks at the tax implications of a business succession plan. Taxes can be an important part of the plan and having qualified tax attorneys to help is extremely beneficial.

Is Estate Planning Intertwined With Business Succession Planning?

It is for business owners.

For more information on Business Succession Planning In Arizona, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (480) 345-0444 today.