Running a family business presents challenges that are common to all startups, but some are unique due to personal dynamics. It is imperative that communications are open, the vision for growth is shared, and an agreed-upon succession plan is in place.
A San Antonio family business lawyer at Begum Peláez-Prada PLLC could guide your journey from choosing the right entity to operate and supporting your growth through documentation, mediating disputes, and cementing a succession plan.
The Harvard Business Review reports that family members’ lack of trust and poor communication cause more than half of family business failures. Some of this negativity could be addressed by the entity in which you choose to operate the business and if you expect family members to join in building its success.
If your plan is to remain a neighborhood mom-and-pop, you may be able to operate as a sole proprietorship while your children participate in their summer breaks from school. But if you plan to grow and pass responsibility to them, you may want to consider forming a limited liability company or a C- or S-corporation.
Although corporations come with a lot of regulatory reporting, they also allow you to award employees, including family members, with stock, giving them a percentage of ownership in the business. As shareholders, they have a say in how the business is run and who can vote on crucial issues. Our managing partner, Sasha Begum, has almost 20 years of experience guiding local and internationally renowned mom and pops toward unparalleled success. A San Antonio family business lawyer at Begum Peláez-Prada PLLC could do the same for you.
The role of a family business lawyer in San Antonio is to assist in the healthy growth of your company while mitigating disputes and fostering open communication between all generations. For example, a lawyer could ensure the legal compliance of:
The award-winning attorneys and legal team at Begum Peláez-Prada PLLC build relationships with clients that last a lifetime, supporting your business endeavors from inception.
Picking your successor can be challenging and potentially cause family drama. Our skilled San Antonio family business attorneys could help with the legal side of job descriptions, the process of picking board members for corporate structures, and gaining input from potential successors and non-family employees.
We help you determine motivations, qualifications, and how invested a potential successor may be in continuing the business.
The team at Begum Peláez-Prada PLLC takes great pride in assisting clients with chartering and growing their family businesses. Not only do we provide the contracts and other documentation, interpret the best tax strategy, and pave the way for succession, we listen to you, mitigate family disputes, and spearhead that succession plan. Call a San Antonio family business lawyer today and schedule a consultation.
