If you are a business owner, it’s important that you turn to a business succession lawyer in Roseville, CA to develop a succession plan for your business. As a business owner, it’s likely that you have put your time, energy and finances into developing your business. Whether you have a small business, or are the owner of a large company, chances are you will want to safeguard the success of your business for long after you are gone. At Yee Law Group, PC, we provide experienced business succession lawyers in Roseville, CA who can help answer all of your questions and can help put a plan in place for your business that gives you, and your family the peace of mind that you deserve.
What is business succession planning?
Business succession planning is comparable to estate planning. The key difference being that the inheritance is a business. Because the business is already in operation, there will be a number of factors to sort out to ensure that it is able to continue operating smoothly when the business is transferred to a new owner. Regardless of how you choose to transfer ownership, our Roseville, California business succession lawyer can help you to weigh your options.
Why is it important to have a business succession plan?
Business succession planning is key for any business. A business succession plan isn’t just for when the unexpected occurs, or when someone passes away. Planning will also provide key guidance for when the owner of the business retires from the company. It will be important that the business owner carefully consider who should take ownership of their business. In some cases, selling the business may be the most appropriate option.
When is the right time to create a business succession plan?
Our business succession lawyers trusted by Roseville, CA businesses know that creating a business succession plan can easily be put off for another day. However, it’s imperative that business owners take the time to carefully develop their business succession plan. While some may not begin to think about succession planning until they are ready for retirement, it’s key that business succession planning start as soon as possible. Doing so with a Roseville, CA business succession lawyer at Yee Law Group, PC ensures that your business remains profitable, is able to grow, and allows for a seamless process.
What are some tips for creating a business succession plan?
Our business succession lawyer in Roseville, CA can help by making sure that all key elements are incorporated within your business succession plan. The following are some tips that should be considered when developing a business succession plan:
- Do not wait until you are ready to retire to begin putting your business succession plan in place.
- Carefully consider who will take over your business when the time comes. The person you choose may be a family member such as your child or a business partner.
- Make sure that you involve your family in discussions regarding the plan to allow for their input and to resolve conflict prior to putting your plan into place.
- Hire a Roseville, CA business succession lawyer who can help you in developing a business succession plan.
- Consider hiring an accountant or other specialist who can work with you and your attorney in putting together your business succession plan and help during the implementation process.
Protect the legacy that you have worked so hard to build with a business succession plan. Contact our Roseville, CA business succession lawyer at Yee Law Group, PC today to get started.