As premier business succession planning attorneys in Phoenix, we’ve helped countless business owners and entrepreneurs secure their legacies. When you need peace of mind about your company’s future, we can help you find it. Call us at (480) 442-6413 to get started.
It’s no secret that certain types of people are drawn to owning a business.
They’re typically innovative, hard working, competitive and, unsurprisingly, reluctant to hand over the reins. If you’re a business owner, you know these characteristics make you successful; however, they also create blindspots when it comes to planning for the future of your business.
Every business owner needs a succession plan, regardless of how large or small their company. Contrary to what you might think, succession planning isn’t just about protecting ownership interests—it’s also about protecting the company’s employees, clients and shareholders in the event of a sudden change in upper management or a transfer of ownership.
At Copper State Planning, we understand that business owners are some of the busiest people around, and making time for succession planning isn’t always easy. However, failing to plan for the unexpected is just bad business, especially when you have loved ones counting on you. Luckily, our business succession planning lawyers make it easy.
Keep reading to learn everything you need to know about creating a business succession plan and how our estate planning law firm can be the invaluable resource you’ve been missing.
Need legal advice right away? Our estate planning lawyers handle everything from tax planning to business formation to drafting employee contracts. Contact us online to schedule a case evaluation with one of our business specialists today.
Why Is Business Succession Planning Important?
It’s a small business tale as old as time.
A popular neighborhood restaurant that’s been around for decades suddenly faces a turnover in leadership. Three months later, the place where you could never seem to snag a reservation is suddenly empty; the doors are locked and a FOR RENT sign hangs in the window. What happened to this once successful business?
Even if you don’t know the details of its demise, you can bet it involved poor planning. Maybe the head chef was lured away to a competing restaurant and no one else knew all the recipes; maybe after the general manager quit, the quality of service faced a sharp decline. Or maybe the owner unexpectedly fell ill, and no one was ready to jump into their role.
In the end, the specifics are almost irrelevant because whatever happened, it wasn’t planned for. And regardless of how successful your business is now, it could face a similar fate if you fail to create a solid business succession plan.
Business Succession Planning 101
If you’ve never looked into business succession planning before, you’re not alone; many successful entrepreneurs are unsure about what the process entails.
In simple terms, business succession planning is the process of anticipating potential vacancies within your organization and making a plan to fill them to ensure a smooth transition. Your business succession plan should help you accomplish at least three main objectives:
- Identify essential job roles and positions that may become vacant
- Pinpoint the competencies needed to keep business running smoothly
- Develop essential skills in individuals so they can fulfill future business needs
Ultimately, business success planning is about looking at the big picture. It involves assessing a company’s strengths and weaknesses to make sure the next generation is prepared to step up when the time comes. Despite being a relatively simple process, succession planning involves numerous complexities that require assistance from an expert in business law and estate planning.
Our Business Succession Planning Services
When you’re ready to get started with your succession plan, you can contact our office to schedule a consultation. After we’re confident we understand your business’ financial situation, strategy and goals, we can start drafting a plan. Here are some of the areas and issues our services will address:
- Buy-sell agreements
- Business valuation
- Asset protection
- Contract creation
- Capital restructuring
- Tax planning and IRS issues
- Shareholder agreement issues and disputes
- Successor identification and development
- Identifying key employees for upper management positions
- Developing incentives for employee retention
- Business dissolution and exit strategies
Borrowing aspects from other estate planning areas, our team will develop a comprehensive business succession strategy to fit your unique needs and goals. When we’re finished, you’ll have the peace of mind that comes from knowing you’ve done everything in your power to protect yourself, your family members, your employees, your investors and your legacy from the unknown.
Our Business Succession Planning Law Firms in Chandler and Phoenix, AZ
Business succession is all about preparing for the unexpected. Too many entrepreneurs neglect succession planning because they can’t imagine a day when they aren’t at the helm, but as we all know, life has a way of surprising you.
When you’re ready to take the guesswork out of the future, the succession planning specialists at Copper State Planning are ready to help. From turnover and buyouts to complete rebrands, we have tools to prepare for every contingency—even the possibilities you haven’t thought of yet. Whether you run a small family-owned business or a large organization, you can benefit from our planning strategies.
Getting started is as easy as contacting us online to set up a case evaluation or calling our office at (480) 442-6413. So don’t delay! We look forward to protecting your future together.