Harrison & Johnston works with Shenandoah Valley and Northern Virginia business owners to craft succession plans that protect their companies' continuity and viability while providing them with the resources they need for a secure future.
As a small business owner, you intuitively know the devastating consequences that can arise if your company does not have a clear and comprehensive succession plan in place, especially when you retire, sell your company or a sudden and unexpected tragedy sidelines you. But if you are like the 77 percent of family-owned business owners who reported not having a formal, written business succession plan, everything you’ve spent years or decades building is at risk.
At Harrison & Johnston, our business lawyers work closely with companies of all sizes to craft business succession plans that help owners protect their companies, their loved ones, and their retirement at the same time. By developing and implementing holistic plans that integrate succession and estate planning strategies, we can minimize tax liabilities while maximizing the value of assets passed on to heirs. The documents and structures we put together can put businesses on a stable path and avoid disruption after an owner passes away or relinquishes ownership and control.
A Business Succession Plan Can Answer Fundamental Questions About Your Company’s Future – And Yours
The strategies and vehicles we recommend in a succession plan will depend on your unique personal and business objectives, the size and complexity of your asset portfolio, and your family dynamics, among many other factors. But regardless of your specific circumstances, your business succession plan should provide answers to these fundamental questions:
- Does your company have a written Operating Agreement, Shareholder Agreement, or Buy-Sell Agreement that addresses how owners can sell or transfer their ownership interests?
- Have you identified, prepared, and named a successor who can take the reins if something happened to you tomorrow?
- Do you have a plan for ownership, control, and governance of the business in your absence?
- Is there a document that clearly delineates the roles and responsibilities of shareholders or members?
- Is there enough liquidity in your company to avoid a forced sale?
- Are you relying upon your interest in the company to meet your personal cash flow needs for retirement, and if so, how will you ensure that you have sufficient income for those needs?
These are just a few of the questions and issues that you need to be answer and address to ensure a smooth transition for your business, harmony for your family, and security for your retirement. At Harrison & Johnston, our business lawyers and estate planning attorneys collaborate with business owners like you to develop comprehensive business succession plans that ensure the continuity of the company you’ve worked so hard to build and bring the peace of mind that you deserve when that work is done.