Forsyth County, GA Business Succession Attorney Protecting Clients’ Businesses
When you own a business, many people depend on that company’s success, including more than just your clients or customers. Your employees, their families, and the other businesses that work with you could all suffer if your business gets stalled should you pass away or become incapacitated. With a plan in place, however, you can ensure that operations continue to occur smoothly even if you are suddenly unable to contribute for any reason, be it death, illness, injury, or simply old age.
When crafting a plan for the succession of your business, the many moving factors can make this a daunting and challenging process. Having an estate planning attorney on your side who knows the nuances of Georgia business law as well can make all the difference. At Bascom Law, P.C., you will appreciate the knowledge and experience that attorney Mike Bascom brings to the table, as well as his attention to your feelings and hopes regarding the future of your business. Call us at (770) 889-3911 to set up a consultation and to learn more about how we can help you protect the company you have worked tirelessly to create.
What Happens to a Company When the Owner Suddenly Dies?
The sudden death of a business’s owner can have a profoundly negative impact on that company if there is no succession plan in place. The current leadership will feel the strain as they take on the responsibilities that the owner once carried while simultaneously fulfilling their own duties. This can also create emotional challenges as the employees mourn the loss of their previous leader and face uncertainty about their future jobs. The successor leader will also have to make numerous decisions that could cause them to feel overwhelmed, leading to poor choices that could haunt the business for years to come. Some of the issues the successor will have to face are:
- Estate tax valuations
- Filing taxes
- Changes to company contracts based on leadership change
- Changes in insurance policies
- Loans and leases
- Transferring title on assets and trusts
- Meeting and explaining any changes to existing customers
- Working with suppliers and stakeholders based on the newly rearranged leadership
- Financial matters should the company be sold
These are all critical matters when it comes to the health of a business and could lead to disastrous results if the transition to the successor is not handled well. However, with a succession plan in place, the leadership can move forward with greater confidence. Having a lawyer draw up the succession plan is vital as they can point out what needs to be included in the plan.
How Does a Succession Plan Protect My Business?
Without a succession plan, your business can be vulnerable to the chaos that could come about without you there to head up essential decisions. A succession plan offers peace of mind to your employees should you suddenly pass away or become unable to make decisions due to age, injury, or illness. People who work in and with your business can rest assured that should the unlikely event of your death or incapacitation occur, leadership in your company will continue.
Without this reassurance, your customers, employees, board members, and suppliers could very well take their business elsewhere. Companies who work with you could offer less generous terms, and banks may not supply new loans due to the instability of your business. To prevent these devastating consequences, begin taking the simple step today of making an appointment to meet with skilled estate planning attorney Mike Bascom and see how we can protect your business with a succession plan.
What Is Included in a Business Succession Plan?
As you can imagine, a business succession plan can be simple or quite complicated, depending on the nature and size of your company. One thing included in virtually all succession plans is the naming of your successor or the person you choose to run the company should you become unable to because of death, illness, or injury. Some other important aspects of a business succession plan are:
- A time frame of when the succession will occur, such as the expected retirement dates of the owner
- Instructions for how to handle an emergency succession in cases of unexpected death or incapacity
- A business plan for how to run operations and make decisions after the succession takes place
- Provisions for how to distribute property that was in the previous owner’s name, if applicable
- Instructions on how to resolve tax issues and debts
- Directions on how to handle employment contracts (these contracts must legally be honored, despite changes in management due to the owner’s death)
Please reach out to Bascom Law, P.C. to ensure that any business succession plan you develop is legally sound and adequate to protect your business.
Is it Worth it to Hire a Business Succession Lawyer?
With all of the time, energy, sweat, and tears you have put into your business, there should be no question that having a plan in place to protect that business with a succession plan is worth it. Going through this process on your own, however, can be overwhelming and demanding. It would be heartbreaking for everyone involved with your company to not only lose you as their leader but also to see the company suffer because a plan was not put in place ahead of time.
Please don’t risk losing your hard-earned company. Contact us at (770) 889-3911 for a consultation where we can discuss the details of your business and develop a succession plan that will work for you. The process doesn’t have to be complicated and scary. You need someone on your side who has been through it many times and can guide you as you prepare yourself and your business for the future. Don’t hesitate any longer; call us today.