Secure Your Business’s Future With Succession Planning
You worked hard to achieve the success your business has, and you want to be sure that success continues when you are not leading it. Having a well-thought-out succession plan is crucial for ensuring the longevity and success of your business.
At Lerman Law Associates, P.C., in Alpharetta and Kennesaw, you can develop a plan for the future of your business. As a business succession planning attorney, founding attorney Craig Lerman brings a unique combination of legal expertise and business acumen to help guide you through this complex process. With his MBA in business administration and extensive experience in estate planning, Lerman Law Associates offers a distinct advantage for business owners in the Greater Atlanta area seeking comprehensive business succession planning services.
Options For Business Succession Planning
There are several strategies to consider when planning for the future of your business. Each option can be tailored to fit your specific needs and goals, and we will take the time to choose a plan that is right for you, including:
- The buy-sell agreement: This allows co-owners to purchase the interest of a departing owner, ensuring a smooth ownership transfer.
- Family business succession: This option works by transferring leadership and ownership to family members while addressing potential challenges like business inheritance and family wealth transfer.
- Management buyout: Where the company’s existing management team purchases the business, ensuring continuity and stability. This approach often involves successor training and leadership development to prepare the management team for their new roles.
For those considering a sale, a thorough business valuation and exit planning are essential. We can help you through these steps, as well as develop tax planning strategies to minimize tax liabilities during the transition.
Serving A Diverse Range Of Businesses
We are proud to represent a variety of businesses throughout Greater Atlanta, from our offices in Alpharetta and Kennesaw. Our clients come from diverse industries, each with unique challenges and opportunities. No matter what kind of needs your business has, we are here to craft a personalized succession strategy with a business transition plan that protects your interests and preserves your legacy.
Answering Questions About Business Succession Planning
Understanding business succession planning can be challenging. Here are some common questions to help guide you:
What is a business succession plan?
A business succession plan dictates how the sale or transfer of a business will take place. Developing these plans takes considerable planning from leadership and owners for better business continuity.
Why is business succession planning important?
Succession planning is crucial for maintaining a business’s stability and success. Proper planning ensures that the transition process will be smooth and minimizes the disruption a business can experience.
How do I choose a successor for my business?
Choosing a successor involves evaluating potential candidates based on their skills, experience and alignment with your business’s values and goals. We can help you review your options and decide which choice is best for you and your business.
What role does estate planning play in business succession?
Estate planning is integral to business succession as it addresses the legal and financial aspects of transferring business assets and ownership.
Plan Your Business’s Future Today
If you need a comprehensive business succession plan that meets your unique needs, contact us today. For guidance with corporate succession, ownership restructuring and business continuity, call 678-888-5773 or email us today.