Succession planning is vital to protect your business
Wealth preservation and estate planning go beyond just planning for your family and personal assets. A business succession is needed to ensure that what you’ve spent years building is protected when you pass away or if you become incapacitated.
Business succession is especially important for small and highly profitable companies whose success has been dependent on a single owner or a handful of partners. A sound business succession plan must address the needs of the business as well as the individual to ensure a smooth transition
Help your business weather the unexpected
Business succession agreements are the most basic form of business succession planning. This legal document details how a business will be managed, and by whom, when an owner dies or retires. It can outline how much control different successors may have in the business.
Without a business succession agreement in place, an otherwise healthy company can be forced to close or be crippled with tax debt. Your business interests can be tied up in probate and subject to expensive estate taxes.
In addition, a business succession plan that outlines how a business is to continue can reduce the risk of a partnership dispute.
David W. Osterman has a strong understanding of Colorado law and tax issues that may affect your estate, your partners and your family. Contact Denver estate planning attorney David Osterman today at 303-759-3199 or online to schedule an initial consultation.
Choosing the right type of succession plan is critical
Choosing the right type of succession plan for a business will depend on several factors including its size and the number of partners involved.
A business succession plan can be included with an estate plan, or drafted separately. However, any business succession plan will likely require the drafting of several documents related to Colorado business law.
There are also tax and estate concerns that must be taken into account when preparing a business succession plan, so it’s best to contact an attorney experienced with such matters to come up a business succession plan that best fits your needs.
David W. Osterman has over three decades of experience counseling entrepreneurs on business succession matters. Contact Denver estate planning attorney David Osterman today at 303-759-3199 or online to schedule an initial consultation.