St. Petersburg Business Succession Planning Attorney
Business owners spend many sleepless nights thinking about how to grow their company. Not as many owners give the same kind of attention to what will happen to their business when they retire or pass away. At Fisher & Wilsey, P.A., our St. Petersburg business succession attorneys have helped many owners think through how they want to leave their business to the next generation. Call us to get started. This type of planning requires a detailed, structured approach, and business owners should find the right law firm to handle all their issues. You owe it to yourself and your heirs to engage in careful succession planning to preserve the value of your company.
What is Business Succession Planning?
Ensuring a business survives the departure of a founder is at the heart of business succession planning. When a business owner retires, dies, or becomes disabled, a business can fall into chaos. With the right succession plan, owners can:
- Anticipate and plan for contingencies, such as death or retirement;
- Identify and groom future leaders for the company;
- Mitigate legal and financial risks to the business;
- Secure income streams in retirement;
- Communicate expectations and objectives for future generations and current stakeholders.
Business succession planning can minimize conflicts, especially if you have a family business. When done right, proper planning can secure the future of your company.
Our clients also reap benefits today, even if they are decades away from retiring. Potential lenders and funders will respond positively to a detailed succession plan, realizing that it helps secure the continued viability. You might enjoy better borrowing opportunities or hiring if you already have a succession plan in place.
Steps Toward Creating a Succession Plan
When working with clients, we touch on many issues, including:
- Potential successors. It takes time and care to identify future leaders who align with your company’s values and strategic vision.
- Legal risks. Legal compliance is not simply a cost which businesses can avoid by using ChatGTP. Instead, proper succession planning identifies potential legal pitfalls and prepares for them. For example, a business owner should think of how to leave the business assets, such as through a will or trust.
- Without a clearly identified successor, your employees or family members could anticipate stepping up into leadership positions, only to become disappointed. These conflicts can undermine your business today. You can minimize future conflict with transparent communication.
- Retirement goals. Many business owners hope their company will provide an income stream even after they stop working. We can discuss tax and other issues.
Plan or Your Business’s Future
Whether you are on the verge of retirement or in the prime of your working life, now is the time to put a succession plan in place. Without one, you are only needlessly courting conflict and potential business disruption. Contact Fisher & Wilsey, P.A. Succession planning strengthens your company’s position in the short and long terms, and is well worth the costs. A St. Petersburg business succession planning attorney is available to meet at a convenient time.
