Guidance from San Ramon Business Lawyer
It is important for business owners to plan ahead. Not only should they
be focused on how to effectively start and grow their businesses, but
they should also make sure they are prepared for the day when they will
eventually end their involvement with their companies. A business owner
might one day end his or her involvement intentionally, such as through
retirement; or unintentionally, such as due to an unexpected illness or
death. The owner will need to be prepared for either type of situation,
both for the financial stability of his or her family, and for the stability
of the business' operations.
Whether you are considering eventually selling off your business or passing
it down to a family member, it is vital that you get the proper guidance
from an experienced business planning lawyer. At
Blackwell, Santaella & Jahangiri LLP, we have knowledgeable
San Ramon estate planning attorneys who can help you explore your various exit plan options and help you lay
down the framework for the exit strategy that best benefits both you and
your business. The more prepared you are now, the easier the process will
be in the future when you take the step of moving on from your company.
Choosing the Right Business Exit Strategy
Here are just a few of the various types of exit plans that business owners
might want to consider:
Sale of Business—Some business owners choose to grow their companies and then sell
them off once they increase in value. If this is what you plan to do,
you will need to create a clear plan about how you will do this. You will
need to consider at what value you will want to sell your business, how
to best prepare your business for a sale, whether you want to sell your
business to another private business owner or be acquired by a larger
Succession Planning—Do you plan to pass your business off to the next generation in
your family? If so, you will need to do the appropriate planning for how
the ownership of the business will be passed on to the next person. This is called
business succession planning. Without this type of planning, your child, nephew, grandchild, other
relative or non-relative successor could end up facing a difficult ownership
transition that could cost your loved ones and the business money.
Business Liquidation—This process requires you to sell your business' assets at market value
and use the proceeds to pay back creditors. This option usually has more
limitations on how much profit can be made from the sale of a business.
Whatever types of options business owners choose, they will need to make
sure they have enough money set aside from retirement. The owners will
also need to make sure that they have legal documents clearly stating
what should happen to their businesses if they become seriously ill or
disabled, or if they die unexpectedly. Do you want to better secure your
future and the future of your business?
Contact a San Ramon business attorney from our firm for assistance!