Planning For Business Succession
If you have a business and are facing the need to transition ownership or leadership, or want to plan ahead for when this will eventually need to happen, there are many things that a good Des Moines, IA business succession planning lawyer can do to help make this a smooth and seamless process. The skilled business lawyers at the Law Group of Iowa are available to counsel and guide you through planning and executing this process to make sure that your hard work and legacy is preserved. If you are looking for a highly skilled and educated succession planning lawyer, contact the highly recommended team at the Law Group of Iowa to find out what we can do to help you.
Business Succession Planning
When a business is preparing for the transfer of ownership, leadership, or control of it, the process of doing this is referred to as business succession planning. Common aspects of business succession planning involve passing a business to family members, selling it, or preparing for an owner’s retirement, becoming incapacitated, or a sudden or unexpected death. Common things businesses enlist the help of a good business lawyer for are to minimize their liability; protect the business’s operations to ensure smooth transitions; make clear your instructions for a change in ownership or the power to make decisions; ensure that your business succession can be integrated into existing estate planning tools such as wills and trusts, etc. To make your life easier, if you are thinking of selling your business or are already planning to, it is recommended that you discuss your situation with a Des Moines business succession planning lawyer who is licensed and educated in this area of law.
What To Expect With A Business Planning Lawyer
While different law firms may do this differently, typically, you (and other owners if this is the case) will have an initial consultation with a law firm you are thinking of hiring. During this time their lawyer or lawyers will typically ask you about how your business is structured, its goals, and its challenges. Once you have established a client attorney relationship with a firm, their team evaluates your business and makes strategic recommendations. When you have agreed upon a plan for your business, the firm will prepare documents for it and support you during the transition to ensure it goes smoothly and according to your plans. A good firm will continue to provide you with support and updates on the process. If you are planning this for a future event such as your retirement but you are not planning to retire for quite a while, your lawyer should keep your plan up to date as your circumstances evolve.
If you are planning to restructure your business, a licensed and highly skilled Des Moines business succession lawyer from the team at the Law Group of Iowa is available to help. Contact us today to set up a free consultation.
