Business Succession Planning Attorney in Tampa

Helping Business Owners Create Custom-Made Plans to Safeguard the Future of Their Businesses

If you are a business owner, you have worked hard to ensure your company’s future. However, small, or family-owned businesses often fail after the business owner’s death due to a lack of planning. In many instances, family members who try to take control of the business are unfamiliar with the day-to-day operations or management duties, causing challenging issues.

However, business owners can safeguard their assets and years of hard work by creating custom-made business succession plans that provide a roadmap for the next generation of owners.

Contact Venerable Law of Tampa Bay, FL, to schedule a free initial consultation to learn how we can assist you with business succession planning.

Why is Business Succession Planning Crucial?

Anyone who has worked hard to establish a successful business must have a succession plan that will act as a roadmap for how ownership will change hands after retirement or death.

A well-crafted business succession plan will ensure the transition process goes smoothly and that certain issues, such as retention planning and stock transfers, are planned well ahead of time.

In the case of small businesses, owners must start planning well ahead of time to guarantee that when the time comes to pass the reins on to their successors, they have all of the tools they need to be successful.

For example, family members are often labeled as co-owners but still need years of training to take over business ownership successfully. In addition, a well-thought-out plan can provide guidance so that all members of management and shareholders understand their future roles and their rights and responsibilities.

If you are still deciding why business succession planning is essential for your company, contact Venerable Law of Tampa Bay and ask to schedule a free case evaluation so that we may answer your questions.

What Essential Aspects Must Be Considered When Creating a Business Succession Plan?

Several vital aspects must be addressed to ensure the feasibility of a proposed business succession plan. However, because every business is different in how it runs its day-to-day operations, any planning must address the organization’s unique needs.

Some essential aspects to consider when creating a succession plan include:

• Identify family members, co-owners, or vital employees who may be interested in running the business when the owner decides to retire or is no longer able.
• Assess all interested parties’ skills and capabilities and how they could benefit the business.
• Identify integral positions and areas within the business that would need assistance to ensure a smooth transition when the time comes.
• Implement training and mentoring programs that provide the necessary information and skills needed for whoever is chosen to run the business.
• Evaluate the effectiveness of the succession plan and make changes, as necessary.

Anyone considering creating a business succession plan must hire an experienced attorney to assist them and help them determine how their company will need to plan to continue thriving. At Venerable Law, our business attorney has been practicing for over 24 years and has in-depth experience crafting high-quality succession plans.