It is important to make sure your business continues to grow and succeed after you retire, become incapacitated, or pass away. Succession plans for family businesses in Coral Gables help you make critical decisions about the transfer of ownership and leadership, and they assist in this transition.
A skilled business succession planning attorney may offer crucial support during this planning process. Their insights and services could help you and your family create a plan that fits your goals and the priorities for the future of your business. Contact Veliz & Associates, P.A. today to get started on your family business succession plan.
A solid family business succession plan could include various elements, and it should address leadership positions and successors, a training and development plan, a strategy to transfer ownership, and any legal or tax implications.
Transfer of ownership interests and leadership are key to the ongoing success of a commercial venture. Family businesses in Coral Gables and elsewhere should take time to assess the skills of possible successors, any training needs, and when a successor will take over the organization’s leadership. Moreover, determining the company’s voting rights and ownership interests may be equally crucial, particularly regarding major decisions.
As mentioned, the succession plan must also address potential legal and tax implications. An attorney could help create an ownership transfer strategy that may minimize tax burdens, and they could carefully draft an appropriate plan.
Several legal tools and strategies are available for transferring ownership of a family business. Among the most commonly used are irrevocable trusts and shareholder agreements. The appropriate method for family business succession plans in Coral Gables could depend on the type of business, goals, concerns, and priorities.
An irrevocable trust can have several benefits for succession planning, including helping to avoid estate taxes, protect assets, and create a plan to transfer ownership interests in a family business.
While a shareholder agreement includes many of the same provisions as a buy-sell agreement, a shareholder agreement is much broader. A buy-sell agreement will only focus on the transfer of ownership and triggering events; however, a shareholder agreement will include terms like the transfer of ownership, voting rights, management and control, and appointment of officers.
There are various benefits to creating a succession plan for a family-owned company in Coral Gables. Planning early and often can be critical to the continuity of a family business and the facilitation of growth after owners retire, die, or become incapacitated. A succession plan also encourages stability and protects business investments. Knowing who will take over leadership positions and decision-making enables successors to receive appropriate training and development.
Succession plans for family businesses in Coral Gables are crucial to your company’s future success and growth. By developing a plan for transferring ownership, leadership, and decision-making, you may rest assured that your hard work and dedication will be worthwhile and that your family will be provided for.
Located in Coral Gables for many years, Veliz & Associates, P.A. offers trusted support and estate planning services to families and businesses. Contact us today to get started on your plan.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917