Most Kentucky business owners recognize the importance of having a business succession plan, but less than half have an exit strategy in place. In the chaos of daily operations, succession planning may seem secondary compared to immediate concerns. For other owners, retirement can seem too far off to warrant attention.
However, the future can become the present following an unexpected life event. Ensure a smooth transition of ownership under any circumstances with a succession plan drafted by the experienced attorneys at Cook & Watkins, PLC.
The Potential For A Power Struggle
Unfortunately, disputes can arise when the needs of the business do not align with the interests of current and prospective owners. A succession plan allows you to avoid a power struggle and name the right people to inherit the business.
A dispute over succession could arise if any of the following apply to your business:
Do you have business partners?
Does your business have shareholders?
Are your children or other relatives involved in the business?
Protecting Your Legacy And Ensuring Continuation
Successful business owners know firsthand that building a business takes time, effort and sacrifice. You worked hard to construct a profitable legacy; take proactive steps to make sure it can continue after you step away from daily operations. Our lawyers can help you:
Establish goals:
Our business law experience allows us to help you set business goals that align with your current and retirement needs while minimizing tax consequences.
Develop a plan:
Let us help you determine who can make decisions, how business decisions will be governed and the process for resolving disputes.
Communicate:
Our firm can help you identify your successors and communicate your succession plan to business partners, family members and stakeholders.