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Passing the Baton: Start Thinking About Business Succession Planning

We represent a lot of smaller and family-owned businesses across the Gulf Coast, and seeing our clients’ enterprises grow and thrive, and assisting them along the way, is one of the great joys of our work. We have been with many of our clients from the beginning of their business journey and helped them as their idea transformed into a sole proprietorship and then into a corporation that employs scores of people and does business across the region.

All of that hard work is something to be proud of – and something to protect. When the founder of a smaller or family-held business retires, or an unexpected tragedy befalls them, a comprehensive business succession plan can make all the difference in determining whether the business continues to thrive uninterrupted or it becomes embroiled in disputes and confusion as to how to go on in the founder’s absence.

If you run a small business or a family business and have not worked with an experienced corporate and estate planning attorney, tax adviser, and other professionals on a business succession plan, think about these questions and how you would answer them today:

  • Does your business have a written Operating Agreement, Shareholder or Buy-Sell Agreement?
  • Do you have an identified successor in place who is ready to step into your shoes?
  • Is there a plan for the ownership, control and governance structure of the business in your absence?
  • Are the roles and responsibilities of shareholders or members clearly set forth in writing?
  • Upon your retirement, have the respective ownership or membership shares of your family members and other investors been agreed upon?
  • Is there enough liquidity in the business to avoid a forced sale of the business?
  • Will you or any other family member be relying upon the business to meet your personal retirement cash flow needs and if so, how will that be accomplished?

These are just a few of a multitude of questions and issues that need to be answered and addressed to ensure a smooth transition for your business, harmony for your family, and security for your retirement.

At Rushing & Guice, we take a comprehensive approach to business succession planning, helping you identify your goals and objectives and formulating strategies for the development and implementation of a plan to achieve those goals. Call us at (228) 374-2313 or fill out our online form to arrange for a free, limited initial consultation. We look forward to hearing from you, and look forward to the opportunity to serve as your attorneys.

This website has been prepared by Rushing & Guice, P.L.L.C for informational purposes only and does not, and is not intended to, constitute legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice from an attorney licensed in your jurisdiction.