What will happen to your business upon your retirement or death? How will the transition of your business provide needed income during your retirement? How do you treat your family and valued employees fairly and in a way designed to minimize conflicts?
Business succession planning addresses these questions through a process of discussing, developing and implementing a plan to fill the key ownership and management roles of a client’s business upon the owner’s retirement or death, and to structure the ownership of the business in the future. Part of the process is for the business owner to identify the employees or family members who have the knowledge, skills and abilities to carry on the business. Succession planning also reviews the financial details of each available option to ensure that the plan meets the owner’s financial needs for retirement. Plans can include a combination of sales and gifts of the business to shift ownership and operations to the next generation.
Axley attorneys manage the succession planning process by developing solutions and alternatives to accomplish the client’s goals. Our approach involves a team of business law, real estate law, and estate and tax planning attorneys, and we work with a client’s professional advisors including accountants and investment advisors, to make sure the plan is complete.
Each client’s business and family is unique, and developing a plan involves tough decisions. At Axley, we can guide business owners through the process to ensure that the business succession plan will successfully and fairly pass the business to the next generation while providing for the owner’s retirement.