Business Succession Lawyer Folsom, California
When you need a business succession lawyer in Folsom, CA, call Yee Law Group. We believe legal expertise can empower you and your company. By utilizing the laws, rules, and procedures as a catalyze for growth and protection, you can ensure your business is shielded from any potential disputes and other obstacles.
As a Folsom, CA business succession lawyer, our firm strives to embody our own ethos. We take time to understand your unique concerns and are ready to share with you the legal knowledge you’re looking for to protect your business. For a consultation with a Folsom, CA business succession lawyer, call our firm today.
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The Importance of Business Succession Planning
Perhaps you have invested many years, copious amounts of time and energy, and money into building your business. What happens when you retire? Or what if you die without a plan in place. If you have not spend time into planning your business succession, you should do so. The earlier, the better.
It is common for business owners to stay focused on daily operations that they forget about an exit strategy. On the other hand they might put this off to the side and forget about it. Your exit from your company, be it through retirement, incapacitation, or death, can impact your business, your employees, family, tax obligations, assets, and estate. By determining a strategy to transfer the control of your business to another person, you can feel confident that everything will be better managed and able to effectively continue operating.
A business succession lawyer in Folsom, CA can review your needs and the type of business structure in place. Your plan may achieve any of the following objectives:
- Avoid probate
- Establish a legitimate value of the business
- Reduce or eliminate estate taxes
- Name a party who will run the business
- Name heirs who may benefit financially, but not be directly involved
- Structure the business in a way that protects your assets and interests
- Plan the transfer of your interests to heirs who will be involved
- Prevent the sale of an heir’s interest to named party’s or individuals
- Develop a plan to resolve any business disputes
- Provide funding for taxes and transfer costs
- Restructure responsibilities if any management, partners, CEO’s, or other party’s die
As a Folsom, CA business succession lawyer, we regularly counsel the owners of businesses in all facets of planning out the succession of their company. We can help you to:
- Prepare for a smooth transition of your business
- Minimize taxes
- Value the business
- Identify future owners and managers’
- Keep the potential of a family dispute to a minimum
Those who are wondering how estate planning is connected to their business succession plan, can get a thorough answer from a business succession lawyer in Folsom, CA from Yee Law Group. If you own a business and your family depends on income from that business, it is important to have a plan in place for when you pass away, that allows that business to function and continue to provide financial security for your family. In fact, a great deal of your estate planning goals should be connected to the transfer or sale of your business.
Family Owned Businesses
Developing a business succession plan is especially critical for family-owned businesses because they may suffer the most monetarily if the head of the business passes or is no longer able to run the business. A lack of a business succession plan is the reason only about thirty percent of family-owned businesses continue to thrive when transferring from one generation to the next. A Folsom business succession lawyer believes that if your business is your most valuable asset, your estate plan can only be successful if your business succession plan has a strong foundation.
A successful business transition plan takes years to implement. A well-thought plan grooms its successors years before it is necessary for them to take the helm. There are several strategies used in creating a viable business succession plan. Our team has experience in business succession and can work with you to implement a reliable plan.
Objective of a Business Succession Plan
If you plan on running the business until you pass, you will need the succession plan as a part of your estate plan to make sure your business continues to run without you. If you do not plan for this in advance and properly prepare your replacement, the executor of your estate may have to take the reins until the right person is fully qualified to do so.
Selling or Transferring the Business to a Family Member
Ideally, a family member has been appointed years in advance and is already heavily involved in managing the company. That relative needs to be aware that you wish to sell the business to them (not just transfer). A CA business succession lawyer in Folsom can see to it that these instructions for selling are listed in your estate plan. There should not be any surprises written in the estate plan or will when it comes to a business succession plan, especially if the family relies on the income from the business for their daily needs.
If you are transferring the business to a family member, the terms also need to be specific in the business succession plan within your estate plan. A Folsom business succession lawyer located in California suggests having family members and the business prepared in advance for the inevitable.
If You Don’t Have a Business Succession Plan
If you die without a business succession plan, the future of your business will depend on how your business is structured. If your business is a corporation or S Corporation, and you were the owner, the business goes to your estate. This could potentially be cause for family disputes as to how and if the business will continue to operate.
Our team can advise you on how to transfer or sell your business as you request and prepare in advance for that to happen. A business succession lawyer in Folsom, CA from Yee Law Group can meet with you for a complimentary consultation to talk more about business succession planning, so please call us today!
We understand that business succession is very closely related to estate planning. Our business succession lawyers have experience in both areas of the law so you can feel peace of mind in knowing we are able to provide you with the utmost expertise, knowledge, and legal skill. For a consultation with a business succession lawyer in Folsom, CA, call Yee Law Group today.
Client Review
“I was recently working on a tough real estate deal with the Yee law group. They went above and beyond for the clients and took an impossible issue and fixed it. If there is one thing that I recommend, that is to get an estate plan so you won’t be faced with this type of issue and the Yee law group is the place to turn to. If they could fix this, they know how to plan for it in your estate plan. These guys are rock stars in my book.”
John Cooper
