Your Business Succession Plan Can Be Mutually Beneficial
After building a legacy, ensure that it lasts. Leaving a business in good hands is often both practical and sentimental for business owners. Planning ahead for an eventual transition can also be strategic and cost-effective for a company with the right tools.
At Berry & McGehee Law Firm, we frequently work with Kentucky business owners to craft their individual business succession plans. A meticulous plan can give you, your co-owners and your employees peace of mind.
Flexible To Your And Your Business’s Needs
When determining the future of your business, it is important to collaborate with a lawyer who is qualified in both business and commercial law and estate planning. With our dual experience in each legal area, we understand the complex nature of properly transitioning a business.
We can advise you to match the details of your succession plan to the unique needs of your business with matters such as:
- The timeline for the transition
- Whether to sell or bequeath your shares as well as the recipient or terms of the purchase agreement
- Business valuation methods
- Documents and business records, including materials to train your successor
- Customer management during the transition
- Efficient tax planning
Business succession planning should involve assessing where your business is today and where it may go in the future. From choosing among potential successors to eventually handing off ownership of your business, our team can help you. We will remain loyal to your financial and legal interests, understanding that this is also a personal experience.
Evaluate Your Succession Options
For decades, our firm has created thorough business succession and estate plans for our clients. Our respected attorneys are available to help you design a plan that supports your needs. Call 270-793-9300 or send an email to reach our office in Bowling Green for a consultation.
