San Luis Obispo Business Succession Planning Lawyer

Businesses in the United States vary in size, from sole proprietorships with no employees to large corporations with millions of shareholders. The clients represented at Toews Bio & Abram, Inc. are categorized as small-to-medium businesses. Many of these businesses are family-owned or operated by a limited number of key individuals. Regardless of size, these small and medium businesses benefit from having a comprehensive succession plan in place. 

If you do not have a succession plan, discussing your goals and desires with an attorney who understands the estate, business, and tax implications of a small business succession plan will allow you to protect your business’s security and your personal legacy. The right legal counsel can help you develop a plan that anticipates the unexpected and keeps your business positioned for growth, even after you’re gone. Before you act on your own, speak with a San Luis Obispo business succession planning lawyer at Toews Bio & Abram, Inc. 

When Is the Right Time for a Succession Plan?

For many business owners, the need for a succession plan might not seem pressing. Most businesses demand an owner’s full attention, and devoting time to succession planning might not be high on the “to-do”      list. However, all business owners could benefit from having a business succession plan in place as soon as possible. 

While succession plans are typically associated with retirement, they also allow a family and business to prepare for the unexpected. If an owner becomes incapacitated by an injury or illness, a succession plan ensures the business continues to operate, providing for those who rely on its services and profits.

When in doubt, you should speak with a San Luis Obispo attorney about business succession planning. No owner wants to face a circumstance where they need a plan for their business and do not have one. The right attorney can help you plan for all possible scenarios and give you confidence that your business will continue to thrive. 

Elements of a Business Succession Plan

A San Luis Obispo succession planning attorney can position your business for the future in several different ways. These efforts start by getting a clear picture of your company’s needs and goals, including a comprehensive analysis of your company’s value. 

When creating a succession plan, one of the first things to do is develop an exit strategy that sets a business up for a smooth transition. An attorney can help identify key individuals who can take over running the business in the event of your inability to do so. Oftentimes, these key individuals are employees, family members, or even competitors who can keep your business operating. Identifying who will take ownership can be challenging, especially in closely-held family businesses. It is necessary to consider the economic needs of a business as well as the relationships with the people set to inherit it. An experienced lawyer can help review the necessary skills and qualifications for these ownership roles. In some cases, business succession involves creating a plan for training or developing named successors and providing them with the information and skills they need to fulfill their role. 

A knowledgeable attorney can also provide tools for meeting the costs and expenses related to the succession process, including transfer costs, fees, and tax obligations. By making a plan now, you will likely be able to save on these expenses in the future. 

Call a San Luis Obispo Business Succession Planning Attorney Right Away

There is no time to waste when it comes to business succession planning. Having a plan for the future could protect your business and those who have come to depend on it. At Toews Bio & Abram, Inc, our dedicated attorneys can help you prepare your business and family for a successful future. 

Do not put your business at risk. Reach out to a San Luis Obispo business succession planning lawyer right away to get started.