Another important New Year’s resolution is proper succession planning. This may include selling your business interest for cash or other assets. You may want to pass the business to a trusted employee. That will mean transferring your business interest with a Buy-Sell Agreement. That’s a legal contract that pre-arranges the sale of your business in the event of your retirement, divorce, disability, or death with the buyer obligated to buy your interest at fair market value at the time of the triggering event. In addition, a Family Limited Partnership can help when transferring business interests to family members. Preparing a succession plan early will help your business avoid conflict by setting up details on how future business decisions should be made, allow you to train any potential successor, or even help you transition out of full control of your business.
As you can see, there are several ways to plan for your business’ future. If you are thinking about setting up a succession plan for your business, we are here to help you determine the best plan and ensure that everything is in place for the hand-off of your company. Feel free to call The Kendrick Law Group at 407-641-5847 to set up a consultation.