Most business owners are so entrenched in the day-to-day management of their business operations that they fail to plan for the future of their company. A succession plan is the process of developing a strategy that protects the future of your business. Although succession planning encompasses many tasks, the primary goal of corporate succession planning in Tampa is to ensure that the overall value of your company remains intact even during a time of ownership transition.
Corporate Succession Planning in Tampa
Without a succession plan in place, many negative repercussions can transpire during an ownership transition. Revenue may be lost, appointing a successor can be stressful and challenging, employees may leave due to uncertainty, and the overall value of the company can be compromised as well. There are many reasons why a succession plan is necessary. Contact one of our business succession planning attorneys in Tampa today for a comprehensive strategy that ensures that your business is protected.
What’s the Process?
Here are some of the tasks that an experienced succession planning attorney can assist you with:
Developing a Long-Term Plan
It’s best to begin the process a few years before retirement. An experienced attorney will meet with you, shareholders, and key employees to help determine the company’s vision and long-term goals. After evaluating all of the owner’s interests and the best exit plan options, we can create a forward-thinking strategy that aligns with the company’s objectives.
Selecting the Right Plan
Succession planning is typically achieved by retention (retaining the business within the family) or buy-sell retention planning (offering more ownership control to shareholders and key employees). A succession planning attorney can help you decide which option is right for your business.
Appointing a Successor
When appointing a successor, it’s best to partner with a knowledgeable professional that specializes in corporate succession planning. We will analyze internal candidates and may even recruit candidates from outside the company to ensure we find the right candidate for your business.
Corporate Transactional Law
Businesses make a multitude of transactions over the course of a year. The ability to handle these accurately is critical. Our team can help you with a wide range of services including contract drafting and review.
Mergers and Acquisitions
Our corporate succession planning practice is well versed in the nuances of mergers and acquisitions and can ensure that all contingencies are met. Whether you are acquiring a company or merging with one, we can guide you through the process from an financial, operational , and regulatory standpoint.
An experienced succession planning attorney can provide you with a variety of services that safeguard your best interests. Whether it’s developing living trusts for your family, providing an accurate business valuation, maximizing your transfer value, creating a retirement fund or pension, or reducing estate taxes, there are many ways a business succession planning attorney in Tampa can help you.
Contact a Succession Planning Attorney Today
Businesses greatly vary in the way they operate and no two succession plans are exactly the same. Our knowledgeable attorneys have intimate experience evaluating and assisting businesses of all sizes and can navigate you through the succession planning process. From the inception of your business to retirement, we are here to offer you valuable insight for all stages of your business operation.
For more information on corporate succession planning in Tampa, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.