Operating a successful and profitable business is a significant task that can take up a lot of a person's time and resources. Business owners spend most of their time purchasing supplies, advertising and marketing, working with customers, and hiring and managing employees. As a result, few business owners stop to think about what will happen to their business in the event of their death, illness, or retirement. When these things occur, the consequences to the business of being deprived of an owner or manager can be devastating. Such consequences can include:
- Disputes between family members, owners, and shareholders over control of the business and its assets.
- A loss of customer confidence in the continued viability of the business under new and potentially unknown ownership or management.
- The placement of individuals with inadequate management skills in positions of leadership.
It is therefore critical that all businesses - large and small, and whether structured as a partnership, limited liability company, corporation, or other business entity - consult with a knowledgeable and skilled attorney to establish a comprehensive succession plan that gives effect to the wishes of business owners and their families with regard to the handling of the business in the event of death, illness or retirement. The attorneys at Weisberg & Weisberg can assist you with addressing the following common business succession issues:
- Retaining shares or other ownership interests within your family.
- Designating one or more individuals to take over management roles.
- Establishing a plan for the distribution of your ownership interests to other participants in the business.
- Arranging for sufficient funds to pay taxes or allow for a buy-out of your share of the business.
- Coordinating business succession issues with your overall estate plan to ensure a smooth transition.
- Establishing procedures for the sale of the business to third parties.
Contact Weisberg & Weisberg in Newport News or Norfolk, VA today to discuss the wide variety of options available for ensuring that your business is taken care of according to your wishes in the event of death, illness, or retirement.
PLEASE NOTE THAT THE FOREGOING IS OFFERED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO CONSTITUTE, NOR SHOULD IT BE INTERPRETED AS CONSTITUTING, LEGAL ADVICE. YOU SHOULD CONSULT WITH AN ATTORNEY TO DISCUSS YOUR UNIQUE CIRCUMSTANCES AND TO ESTABLISH AN APPROPRIATE ESTATE PLAN.