If you have been running a family-held business, you have possibly been far too busy with daily emergencies and responsibilities to take time for business succession planning. It is essential, however, that you have a plan in place, not only for the time when you retire or move on, but to direct operations due to an emergency if you are not able to manage the business yourself. If you would like to make arrangements for a consultation, contact The Prince Law Firm in Detroit at 248-419-1968. A business succession planning attorney will discuss measures that you should consider for your specific situation.
It's Never Too Early To Plan For Business Succession
Your relationship with your business is constantly evolving. Is it a start-up, where the greatest asset is your energy and talent? Is it a mature business, with a substantial capital value? Are your children preparing to join you or take over as you retire? At each stage the issues involved include tax planning, protecting your estate, providing control for an able manager, and providing for a comfortable retirement. Our estate planning lawyers will have a frank discussion with you about all of those issues, your personal goals, and measures you may consider, including:
- revocable trust for a family-held business
- shareholder agreement
- limited liability company (LLC)
- partnership agreement
- tax strategies
- operating agreements
- buy-sell agreements
- business appraisals
- valuation discounts
Whatever Your Needs Are, We're Here To Help
You may simply need an updated will, or your situation may warrant a complex layering of trusts and entities. Our attorneys have the sophistication to handle the complex, and the insight to know when you will be protected by the simple solution. Whatever your needs, we're here to help. Call us today at 248-419-1968 or contact us online.