Running a successful business requires making plans for both the present and the future. This includes determining the path of a company after your death or retirement. Failing to have a comprehensive business succession plan could general mayhem—heirs fighting over assets, a lack of company leadership, or even the forced sale of your business.
The best way to retain control for the future is to have a thorough business succession plan. Not only can these plans provide for a scheduled winding down of your role in the company, but they can also provide guidance in the event of sudden illness, injury, or death.
A Lansing business succession planning lawyer can help you tackle these difficult topics and draft the necessary documents to give your wishes the desired legal effect. Discuss your vision for the future with a skilled estate planning attorney at our firm and let us help you take concrete steps to secure those goals.
A successful business is more than just an achievement on paper—it may represent your life’s work. When the time comes, you deserve to be able to retire and enjoy the fruits of your labor. However, there are steps that you need to take as the head of a business before you can do so.
Those planning for eventual retirement may have different goals or dreams for the future of their companies. Some may wish for the company to continue operations under new leadership, while others may want to sell their specific interests and allow the company to move forward. Some people may want to sell the entire company.
A business succession planning lawyer at our Lansing office can help draft a plan that meets your unique wishes for your retirement. This is crucial in avoiding conflicts between potential heirs and ensuring that the company continues on in the way you see fit.
The other role a business succession plan can have is as a protective measure against an unexpected tragedy. Sadly, accidents or illnesses can occur at any time, leaving a person unable to continue their role in the company.
A business succession plan can include instructions for what is to be done in these tragic scenarios. In some ways, a business succession plan functions much like a will. It can provide instructions for who is to inherit an owner’s share in a company, or for how a board of directors is to proceed.
In fact, business succession plans can even help avoid the distribution of company assets under the state’s intestacy laws. These laws set specific ways of distributing assets, essentially prescribing a “one size fits all” rule for an extremely personal situation. As such, business owners should work with a dedicated local attorney for a succession plan tailored to their needs.
According to Michigan Estates and Protected Individuals Code § 700.2101, any assets not listed in a will or succession plan will go to a decedent’s spouse and children. This could result in divided ownership or the passing of a company to an incompetent or unwilling heir. A Lansing lawyer can help prevent this unfortunate outcome and ensure the business goes into the proper hands when the time comes.
The future of your company depends on the actions you take today. To ensure your business’s continued success, it is important to consider what will happen after you leave, either due to voluntary retirement, sudden illness, or death.
At the Leydorf Law Firm, PLLC, we are committed to helping you feel empowered in the business succession planning process. Many people dread thinking about the future, but we are here to guide you through your options and make informed choices while avoiding costly mistakes. A Lansing business succession planning attorney at our firm could help draft comprehensive plans to provide for your heirs and the future of your company. Give us a call today to learn more.
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