Business Succession Planning
Assistance from Our San Ramon Estate Planning Lawyers
When you establish a business, you might not be thinking about handing
it over to someone else later down the road; however, a business succession
plan can be extremely useful. It can help ensure that your wishes are
carried out concerning the following:
- Succession of interests;
- Training of family members or employees to enter the business;
- Restriction of sales and other transfers of business interests;
- Value of business interests or which valuation method should be used;
- Options available if the entire business is sold;
- Process for the transfer of interests in the business; and
- Funding of those interests so that the business is not damaged by the repurchase
of an interest.
Business succession plans can also help give you peace of mind, knowing
that all of the affairs are in order. If you want to create a business
succession plan, then you should talk to the
San Ramon estate planning attorneys at Blackwell, Santaella & Jahangiri LLP. You can expect that we will
carefully assess your situation and take as much time as is needed to
discuss your needs.
Creating a Business Succession Plan in Contra Costa County
contact our firm, we can help walk you through the process of drafting a succession plan.
First, you will need to choose a successor. Your successor can be a partner,
family member, employee, or another person that you feel is capable of
taking your place. If you do not want to choose a successor, then you
may be able to sell your portion to your business partners or others.
Once you make this decision, you should establish how much your business
is worth. This can be done with an appraisal by a Certified Public Accountant
(CPA) or by valuing your stock according the current market value.
After your business is valued, then you can proceed to arranging the method
in which your business will be transferred. It can be transferred by cross-purchase
or entity-purchase agreements. While these both carry out the same purpose,
they are used in different situations. Our attorneys can help you decide
which one is appropriate for your situation. Make an appointment to meet
with a San Ramon business succession lawyer at our firm as soon as possible!