When running a business, the last thing on your mind might be handing it down to the next generation. However, having a plan for business succession on top of other estate planning can make for a seamless transition and certainty for you and your family.
A San Antonio family business succession lawyer can assist your family business with a succession plan relating to you or other family members. At Begun Peláez-Prada, PLLC, our knowledgeable family business attorneys can meet you where you are and creating the best legal solution for you.
Business succession primarily refers to creating an orderly process for what happens to your business if you become incapacitated or pass away. In a family business, a small number of family members may hold varying ownership stakes in the company, and a controlling owner’s share might pass to an heir if not otherwise determined.
Depending on the legal form of the business, such as a family limited partnership, the death or incapacitation of a major owner or manager could result in the dissolution of the company or throw management into chaos. Putting time and thought into a business succession plan can prevent these risks and provide assurance that the business can continue past the current generation.
Creating clear lines of communication and responsibility for leadership roles lays the foundation for business succession. Knowing who should oversee what parts of the business and having alternates if those individuals cannot step up can remove uncertainty and ensure a smooth transition.
Seeking the advice of a family business succession attorney in San Antonio can make developing a succession plan much easier. An attorney can integrate business succession into your operations to aid and strengthen the process.
Planning for the succession of a family business requires many different outside professionals, such as accountants and experts, but a lawyer can be the best person to get your efforts off the ground.
A business lawyer can take the time and care to understand your business, your family, and your circumstances to craft a succession plan. Whether by highlighting younger family members who are developing to take over key positions in time or by pointing out where the most attention might be needed after a transition, your attorney can bring a fresh perspective to your business necessary for successful planning.
A San Antonio family business succession attorney can also draft any applicable legal documents you and your business might need, from advanced directives to governing documents, to ensure everyone involved with the company can easily understand how the business will continue and who will lead it. By planning long before any sudden event or changes, you and your family can prepare for risks to the business and avoid them.
Thinking ahead to a time when death or disability can put your business at risk can take considerable time and resources if you are on your own. With an attorney by your side, however, you can make a succession plan and implement it as part of normal business operations to protect what you have built with your family.
At Begum Peláez-Prada, PLLC, a San Antonio family business succession lawyer can advise you and bring years of business law and estate planning experience to the table. Contact us to set up an appointment and see what our business attorneys can do for you and your family.
