Probate Lawyer Chandler, AZ
If you own your own company or small business, you may be wondering if you should put a plan in place in the event that you retire or pass away. When you create this kind of detailed process that transfers your business ownership to someone else—whether another business or a family member—it is called a business succession plan. However, you might not know the first thing about creating this type of plan, and this is where a Chandler, Arizona probate lawyer from Citadel Law Firm PLLC can help you. We know that you have worked hard to create this business and we want to watch it succeed even after you leave the company. For more information on business succession plans and how we can help, schedule a consultation with a Chandler, Arizona probate lawyer today.
Why put a business succession plan in place?
If you are getting older and considering retirement, you may be faced with two options: do you want your business to shut down or would you like it to remain open and continue accruing revenue? If you prefer the latter option, you should consider creating a business succession plan. When you think of a business succession plan, you can consider it to be similar to an estate plan. After you pass away, you want to ensure your estate goes to people who will take care of it. However, the “inheritance” that someone gets with a business succession plan is the actual company and they would need to maintain certain procedures to keep it running and successful. It is important to note that if you unexpectedly pass away without a business succession plan in place, your ownership interest in your business (along with the rest of your property and assets) could be forced into a complex, expensive and burdensome probate process. An experienced Chandler, AZ probate lawyer can help you to avoid this scenario.
Choose Your Successor
This is one of the most important aspects in creating a business succession plan because you want to ensure the person you put in place to take care of your company will allow it to thrive and succeed. Many business owners likely have someone in mind when it comes to who will take over their business, and this may be assistants that they have worked with over the years or different family members. You want to ensure that you have properly assessed the strengths and weaknesses of who you want to take over the business so that you know you are leaving it in good hands. Similar to estate planning and wills, there is a possibility of resentment, especially if you leave the business to certain family members and not others. If you have questions about how to choose a successor, our Chandler, AZ probate lawyers would be happy to help.
Do you need a Chandler, AZ probate lawyer?
When it comes to transferring your business upon retirement or death, it can become complicated quickly, and you want to ensure you have the legal help on your side necessary to make this transition go as smoothly as possible for the sake of your company. It is important that you speak with a Chandler, AZ probate lawyer about having your company appraised and getting the proper documentation in place regarding the business successor’s name and their information.
If you are planning on retiring or would like to have a business succession plan in place for when you pass away, it is important to get this information documented as soon as possible. For more information on business succession plans, please speak with our legal team today.