Business Succession Planning
Are you a business owner? If so, do you know what will happen with your business or your business interest in the event of your death, disability, or retirement? Regardless of the size or nature of your business, the only way to truly address that question is to ensure that you have an estate plan in place for yourself and your business. are a sole proprietor, shareholder, an LLC member, partner, or hold any type of business interest.
Cole and the other professionals at Langsdorf Law Office, PLLC specialize in developing succession plans for business owners that are tailored to their business and their objectives. We will make sure that your legacy is preserved in the manner you see fit, and that you will leave our office knowing what will happen to your business regardless of what the future holds.
Our business succession planning services include, but are not limited to, the following:
Business Succession Planning Overview
Preparing a succession plan and exit strategy for your family business or other closely-held businesses is inseparable from your estate plan. As such, we provide a variety of tools and strategies to help you develop a succession plan that allows you to decide if/when you want to retire, continue to retain the desired amount of control and/or financial interests in the business, and ultimately transfer your ownership in a tax-wise manner. As discussed below, our services include business formation, preparing Buy-Sell agreements, dissolution, business sales, and any other corporate actions necessary to achieve your goals. We provide these services for all common types of new or pre-existing entities, including Limited Liability Companies, Corporations, Sole Proprietorships, Partnerships, Limited Partnerships, and for more sophisticated estate plans, Family Limited Partnerships (FLP). So if you want to bring younger family members into the business, retire, sell, or just figure out what you can do with your business, we have the resources and experience to help you navigate that process.
Buy-Sell and Other Agreements for Shareholders, LLC Members, and Partners
As part of our succession planning services, we often prepare agreements that set forth how the business is to be managed and specify the terms on which the interest of a deceased or withdrawing owner is to be bought or sold. Our services include but are not limited to, preparing Buy-Sell Agreements, LLC Operating Agreements, Shareholder Agreements for Corporations, and Partnership Agreements.
Business Sales/Purchases
Also as part of our succession planning services, we specialize in advising clients regarding the sale and/or purchase of their business. This includes, but is not limited to, preparing and reviewing Asset Purchase Agreements, Stock Purchase Agreements, Membership Interest Purchase Agreements for LLCs, Partnership Interest Purchase Agreements, etc.