Make Sure Your Business Thrives After You Retire
A smart business owner knows how important it is to plan for the future. This includes planning for the day you are no longer running things, in a way that will keep the business thriving. Located in Golden, Colorado, the law firm of Bradley Devitt Haas & Watkins, P.C., helps business owners with business succession planning.
Though you will not be able to run your small business forever, you may want the business to continue without you. You will also want to have a plan in place in case you and your partners ever have a falling out. Our attorneys will help make sure your wishes for your exit strategy are clear and will be carried out when the time comes. We will also minimize the costs of succession, including the tax impact.
The Basics Of Business Succession
There are three basic steps to most well-considered succession plans:
- Choose a successor. Several years before your planned retirement date, you need to decide who will take over for you. For many small businesses, your successor will be an outside buyer. If you own a family business, you may wish to have one or more of your children succeed you.
- Train your successor. Make sure your successor understands the duties he or she will be taking on, as well as all the business operations.
- Set a timetable. You may prefer a gradual transition, or it may make more sense for you to maintain control until you retire.
If you sell to an outside buyer, legal assistance to protect your interests is vital. Mistakes in the terms of contracts can be disastrous. The attorneys at Bradley Devitt Haas & Watkins, P.C., have extensive experience in assisting with transactions, on behalf of buyers and sellers, for the sale or purchase of businesses.
Making these important decisions can be difficult. Our attorneys provide practical, useful legal advice to help you make a plan that will put your business in a good position after you retire. You will also have a plan in place in case of a sudden illness or death.
The Consequences Of Not Having An Exit Strategy
Having a plan in place is very important. If you do not have a good exit strategy, it could lead to a business dispute among your partners or relatives. To avoid that, talk to one of our lawyers about exit strategy planning.
If the time has come to sell or leave your business and you do not have a business dissolution plan in place, you can still take action. We provide experienced representation for business owners without a good plan, to help them work toward a good outcome.