Succession Planning: What Exit Plan is Right for You?
As a business owner, you started your company, managed the daily operations, and grew your business into a successful enterprise. Perhaps one thing you never considered was your exit strategy. If you are considering retiring in the next few years, you need the services of a legal expert that specializes in corporate succession planning in Tampa.
Comprehensive Strategies for Your Business
A succession plan is the strategy you develop that protects you and your company’s interests for the future. A business succession planning attorney in Tampa can help you navigate through an ownership transition and ensure that your company’s value remains intact. Without the right strategy in place, your own best interest and the company’s future may be compromised.
What’s Does a Succession Plan Cover?
Succession planning is extremely comprehensive and a well-devised strategy can cover a variety of critical issues for your business and your retirement plan. Here are some of the benefits of hiring a succession planning attorney:
- Company Culture and Vision: There are many questions that need to be answered before an ownership transition. What are the company goals presently and in the future? How are the shareholders and employees impacted during this transition? An attorney that specializes in succession planning can help determine the right answer to these questions.
- Third Party Specialist: As developing a succession plan can be personal and emotional for everyone involved in the business (the owner, employees, and shareholders), a legal expert can focus strictly on how to achieve the most favorable outcome for your business, plus their judgement is not clouded by their emotional investment in the company.
- Invaluable Services: Whether it’s appointing a successor, obtaining an accurate business valuation, or maximizing your transfer value, your succession planning attorney can provide a suite of invaluable services as you relinquish ownership of your business.
Transferring Your Business
When you begin the process of developing a succession plan, you may already have in mind how you want to transfer your business. Here are some of the most common ways a business is transferred from one entity to another:
- Retention: For many business owners, they have a family member that is ready to manage the business. This is called a retention plan.
- Buy-Sell Retention: If you want to shift ownership control of the company to one of your best employees or another shareholder (and keep some interest), you can use a buy-sell retention plan.
- Merger and Acquisitions: Even if you are not looking to retire, some businesses want to merge with another company; while others want to either acquire a smaller company or be acquired by a larger company. Regardless, we can assist you with any type of transfer of your business.
If you would like to speak with a business succession planning attorney in Tampa, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.