As a business owner, you face a number of unique challenges in creating a solid estate plan. Not only must you keep in mind the interests of your heirs and beneficiaries, but you must also take action to protect the future of your company and business interests. It is highly likely that these two things interconnect, as your business likely provides a livelihood for your family and/or dependents.
At DiPietro Law Group, PLLC, we can assist you with the various aspects of business estate planning, including naming a business successor, working to reduce tax liabilities, and taking steps to ensure that your family is cared for in the event that you are no longer able to run your business. Reach out to our firm today to discuss your unique situation with one of our business succession attorneys in Washington, D.C.
We can be reached online or by phone at (202) 902-9587. Contact us today to schedule your initial consultation with our legal team.
Factors to Consider when Choosing a Business Successor
Unfortunately, many business owners fail to choose a successor until a crisis occurs. However, this is a vitally important decision and not one that should be made quickly in the face of an emergency. The person you select as your business successor will be responsible for the future of your business, including its future potential revenue, operations, mergers, and more.
When selecting a person as your successor, it is wise to keep the following things in mind:
- Practicality: Who is best suited to run your business? Many people make the mistake of appointing a business successor based on family relation, politics, or even emotions. This can ultimately harm your business, however, if the chosen person is not an ideal successor.
- Industry: Consider the industry you are in. What obstacles, challenges, and barriers is your successor likely to face? Will the person you have chosen to succeed you be likely to rise to these challenges or falter in the face of obstacles?
- Agreement: You will want to discuss this decision with any co-owners, partners, or board of directors involved in your business. Make sure that everyone is aware of who will succeed you and that they all agree or are satisfied with your decision.
- Legality: There are a few steps you can take to ensure that your successor is able to legally take over your business with minimal complications. You will want to have a succession plan and business strategy plan in writing, as well as a mission statement and an owner estate plan.
At DiPietro Law Group, PLLC, we can assist you with any stage of business succession, from selecting the right person to choosing between multiple candidates to putting your succession plan in writing.
Additional Business Estate Planning Services
While choosing a business successor is critically important, it is just one aspect of estate planning. In order to ensure that your company and anyone who depends on your company for their livelihood is protected in the event that you become incapacitated or die, you will need to create a well-rounded business estate plan.
DiPietro Law Group, PLLC can assist you with any of the following:
- Finding strategies to reduce tax liability
- Appointing a business successor
- Making ownership arrangements in the event you are incapacitated
- Naming multiple heirs as part-owners
- Using life insurance to exit the business
- Drafting/polishing buy-sell agreements for partners and/or co-owners
- Protecting your business as an asset, for example, by placing it in a trust
This list outlines just a few of the ways in which we can help you create a solid estate plan for your business. Our Washington, D.C.-based estate planning attorneys have extensive experience with the various complexities involved in business succession and related matters. Because of this, we offer personalized legal representation and one-on-one counsel every step of the way.
Schedule your initial consultation with our team by calling (202) 902-9587 or submitting an online contact form.