Do You Need A Business Succession Plan?
A business succession plan can ensure the successful transfer of a family business or farm to the next generation of ownership. By doing so, the business that supported your family can continue to support generations to come.
With more than 50 years of combined experience, the estate planning attorneys of Richardson & Richardson, LLLP, can help you craft a succession plan to meet your goals. We have law offices in Tullahoma, Tennessee, and Stuart, Florida.
You can plan for the orderly succession of a business by assigning the business to a trust. Stock in the business can be assigned to your beneficiaries. The trust can give you a degree of control over the business, including:
- Who will run the business
- How profits will be shared with siblings
- How business decisions will be made
- You can decide how profits will be shared
- Protecting the business from issues such as divorce
Without a clear succession plan, a business could fail due to issues such as disputes between family members and taxes.