Creating Successful Business Succession Plans for Pennsylvania Businesses
Every business needs a plan for a smooth transition should key personnel pass away or decide to move on. A thoughtful business succession plan can minimize disruption to the business and even actively contribute to its long-term success.
As a business lawyer with more than 30 years of experience, Attorney Rick Unger has the knowledge to help you keep make sure your business in safe hands. The Law Office of Rick Unger is poised to help ensure a smooth transition for any Pennsylvania business.
Some of the questions to consider during business succession planning include:
- How will ownership be transferred?
- Will the business continue to run at full capacity?
- Will I be able to retain a part of the business?
- Can I divide my company among my children?
- Do I have to divide my company into equal shares?
- How does transferring the business affect my estate planning future?
Particularly in the case of a family-run business, solid business succession planning can prevent some of troubles that can afflict businesses when they are transferred between family members. Often, disputes over ownership percentages or unforeseen tax consequences can force a family-owned business to fail.
Why You Should Begin Planning Now
While you may not plan on retiring for some time, it is important to begin your business succession planning early. Succession can be a lengthy process, and it may take time for your business to adjust to new management. If you own a family business, early planning can also can give you time to discuss your plans with your family and make sure that everybody involved is on board with your plan. Finally, starting your planning early makes it easier for you to examine your business objectively and to begin training in your new management staff. Contact us online to schedule a consultation.
Contact Us
We can help you determine what business succession planning options will most benefit your company. From the planning to the implementation, Rick Unger has the skills to see you though a successful business succession plan. Contact us online
