Creating A Succession Plan That Allows You To Transfer Ownership With Confidence
At rb LEGAL, LLC, we understand the sacrifices business owners make to accomplish their goals because we’ve run businesses, too. Successes don’t materialize on their own. Countless hours are spent to ensure your operations proceed smoothly and challenges are handled expediently.
For seasoned entrepreneurs, this planning extends beyond day-to-day matters and to the years ahead. A business succession plan is critical component of any long-term strategy, and our team is equipped to help you develop yours. We leverage decades of legal and business experience in Minnesota to find an approach that addresses your concerns and needs.
Helping You Make Well-Informed Decisions
Whether you are contemplating transitioning your ownership to a family member or a group of employees, there are a variety of considerations you will need to keep in mind before you leave your business.
When you retain us, our attorneys will work closely with you to identify factors that may affect your handoff. Matters to consider include:
- Do you want to transition ownership to a family member?
- Do you want to sell your company to an outside investor or to current employees?
- Do any family members have the experience or the interest to run your business?
- How will ownership and responsibilities be divided among family members if many seek to run the business?
- Are you planning on cashing out your interest in the business so you can fund your retirement?
- Have you created a strategy to minimizing tax obligations when you transfer ownership?
We may ask these and other questions to determine how your unique circumstances could affect goals you’ve set for yourself and your family. As your advocates, we are prepared to ask the complex questions and encourage the deep conversations. We are dedicated to crafting a plan that protects your interests.
Using Estate And Trust Experience To Develop A Cohesive Plan
Our attorneys are mindful of the tax burdens that can accompany a transfer of ownership. To this end, they will research options that limit the impact a sale can have on your wealth now and the assets distributed to your beneficiaries through your estate.
For over 30 years, our attorneys have advised clients of their estate and trust options. Turn to us for comprehensive advice on structuring gifts to lessen your estate’s value, creating trusts that minimize tax liabilities or other proven strategies.
Get Started With A Consultation
Learn more about our business and estate planning experience, and how we can put our insight to work for you during a consultation. You can reach a lawyer at our Golden Valley office when you call 763-400-8833 or complete our online form.