Every business, whether large or small, new or old, should consider a business succession plan. No business owner creates and develops a business with the intent that the business will just stop upon the owner's retirement or death. Business owners usually want to leave the business to their family members or key employees after they are gone. To make sure your business is left to the right person or persons and/or to maximize the business' value should you decide to sell all or part of it, you need a business succession plan.
What is a Business Succession Plan?
A business succession plan is a comprehensive strategic approach to transition your business ownership. It will:
have to be coordinated with the business owner's estate plan
be unique to each business owner "one size does not fit all"
need to be updated periodically
Why Do You Need a Business Succession Plan? It will:
help the business owner and his/her family when preparing for retirement, illness or death of the business owner.
help in the transition of the ownership of the business to a third party, family members, or employees
help minimize the tax burden to the business owner on the transfer
Don't put this important planning off any longer. Please contact me to answer any questions you may have. We can then get started putting the right business succession plan together for you.
At Breazeale, Sachse & Wilson, we help companies doing business in Louisiana in their desire to evaluate and manage maritime risk by counseling them on changes in the law and aggressively protecting their interests should a dispute arise. For questions or more information on how the Auto Dealer Group can assist you, please contact Lance J. Kinchen, a partner with Breazeale, Sachse & Wilson, L.L.P.
