BUSINESS SUCCESSION ATTORNEYS IN DAYTONA BEACH
Legacy Estate Planners are experts in helping our clients plan well. Our clients’ businesses are often the most significant asset of their estate. Protecting and preserving the value of this important asset does not happen without proper planning. Business succession planning develops a comprehensive plan of action that addresses the expected and unexpected. It can then be integrated into an overall strategy that plans well for you into retirement and for your family for the legacy you leave behind. Let us help you accomplish your goals and dreams.
Why succession planning?
You have invested your life into building the value of your business. What would happen to that business if you suddenly died or became disabled. That value can quickly disappear. Are you finally thinking about retiring and transitioning the business to family or key employees. Is a third party sale the only solution. Succession planning builds and captures value.
When is succession planning important?
A good argument can be made that succession planning really needs to begin when you open the doors to your business. This follows the concept that you purposefully build your business to work your way out of a job. You can even define a true business as one that continues to flourish if you take a six month vacation. More realistically, business owners see themselves as indispensable. If the goal is to relinquish control at some point to a new owner or family member, how long will it take you to prepare for that. Business succession planning should start now!
How do I begin the process?
You already have. Start gathering information from trade groups or other organizations to which your business belongs. Don’t do this alone. Identify and develop your team of advisors who are experienced in the field of succession planning. We have helped many of our clients successfully develop a plan of action that builds and preserves the value of their business as it transitions to new owners. Are your current business advisors experienced in succession planning capable of contributing to the knowledge base of your team. Develop your planning team of advisors.