Most estate planning tends to focus on personal items such as homes, financial accounts, and a will to pass property on to your heirs. However, if you own a company or enterprise, business succession planning is also important.
Continuing a company in the case of an owner or manager’s death can take on great importance, which is why a Dominion business succession planning lawyer can provide crucial insight and advice when creating your estate plan. At Begum Peláez-Prada, PLLC, an experienced team of business attorneys led by managing partner Sasha Begum can work with you and your business to plan ahead.
An individual’s wealth and property may be intimately connected to their business, such as the value of equity in a company and the time and effort put into it over the years. In turn, a company can thrive because of its founders, owners, and managers and depend on them to progress.
When a company owner passes away or becomes incapacitated, others need to be ready to step up, maintain confidence from business associates and customers, and keep the business operating. Creating and maintaining a clear succession plan is especially important as the first generation of a company’s leadership grows older and begins to pass responsibilities to younger leaders.
Succession planning can never start too soon, as a sudden emergency could remove a company leader unexpectedly and before the company would normally be ready. Consulting with a lawyer in Dominion can ensure that your livelihood can endure in any circumstance.
The first step in planning for business succession is to evaluate your business from top to bottom. For example, you should consider the key figures whose expertise will be needed and who can lead as the business grows.
The type of business, whether it is a family business, a public company, or a business with multiple owners and a developed structure of managers, will factor into your evaluation. The type of business operations will also matter, as the plan for maintaining certain business lines may differ from others. Outside consultants might be needed to evaluate your business in addition to an attorney.
Your Dominion business succession planning lawyer can help you get started by reviewing how your business operates and how it is governed. An attorney can also advise on how to arrange employment agreements and bring in capital with an eye toward growing and protecting the business.
In the case of an emergency, your lawyer could also make sure the business’s governing documents provide for management procedures and the promotion of new leaders when necessary.
You want your business in the best hands possible to preserve what you have built. Planning business succession into your company’s management and growth can help you prepare for emergencies and the eventual transition from current leadership to new blood.
A Dominion business succession planning lawyer from Begum Peláez-Prada, PLLC can review your business and provide practical advice suited for you. Planning ahead can only benefit you and your business, so contact our office for a consultation.
