Business Succession Planning
Planning ahead is an essential part of business. Although no one can predict the future, there are several things that companies can do to be prepared for what comes next. For small and family-owned businesses this includes having a succession plan in place in the event company leaders retire, become incapacitated or pass away.
The Montana business succession planning lawyers at Lee Law Office PC help businesses plan for the unexpected. We combine decades of legal experience to ensure that companies are prepared for a smooth transition if and when necessary. Our attorneys have a wide range of experience in representing businesses in formation, transactions and litigation, as well as planning for the future.
At Lee Law Office, we take the time to understand our clients’ unique circumstances to help craft a succession plan tailored to their individual needs. We are pleased to be able to help the businesses we represent maintain stability by planning well ahead.
Business Succession Basics
The primary goal of succession planning is to ensure that a business’s operations continue uninterrupted if an owner or official retires, becomes incapacitated or dies. This means preparing for a wide range of legal issues that could arise, including those related to taxes, estate planning and business structure, among others.
Succession planning starts with naming a successor, or someone to step in and run the company in the event it becomes necessary, which ensures that the person who takes control of the business is competent and able to run it. If a business owner dies without a successor in place, it will likely be up to the courts to determine what happens next.
Planning documents should clearly state the situations in which a successor will step in and whether that is on a temporary or permanent basis. A business owner may indicate that the company is to be sold or passed on to family members and designate a temporary successor to maintain interim continuity. The owner can also instruct that the business continue to be run for the benefit of their family. The plan also identifies any policy and management structure changes expected to occur as a result of the succession.
How Our Firm Can Help
At Lee Law Office PC, our Montana business succession planning attorneys represent business entities in a full range of legal matters. We help our clients plan ahead to avoid future complications, uncertainty and courtroom battles.