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We don't want to think of ourselves as not overseeing a business we have built with our sweat and tears, but to be fair to our loved ones, employees, and clients having a definite business succession plan in place should be as important as having a solid business plan. However, even though 40.3 percent of family business owners were expected to retire by 2017, less than half of them had selected a successor, and 43% of family business owners had no succession plan in place. The Berman Law Group specializes in Family Business Succession Planning in Boca Raton as well as throughout the state of Florida.
Preparing your business in case of your absence can ensure that your company continues operating without you in the event of your death, illness, disability, retirement, or other life events. You can also state who you would like to place in charge of your business, or even dictate that the company be sold and specify the terms of that sale including the buyers' qualifications or disqualifications. There are other specifications you might have already thought of, and other important ones that The Berman Law Groups' business succession planning attorney will guide you through based on your unique personal and business situation. Our Boca Raton attorney will advise you while taking into consideration the partners involved, your business legal structure, the liquidity of your business assets, and more. A family business succession planning model puts you in charge of what happens with your business after you are gone. If your business is in Florida, you also want to keep in mind that Florida law considers ownership interest in a business personal property and your company or ownership shares will be transferred as part of your estate. Making these decisions now and making them legally binding can avoid arguments and plays for power later among heirs or between corporate partners and your heirs. (You also might want to consider protecting your shares in your company in the case of a divorce. You can schedule a consultation with one of our divorce attorney's, as well.
Our business attorney can help you devise your estate and succession planning for small business owners as early as the creation of your new company. And, your Boca Raton succession planning attorney can also help you navigate the state and federal laws that must be addressed to legally transfer your business to new owners when and if the time comes. Additionally, there are tax pitfalls and the possibility and cost of probate to also consider, as the future of your business, family, employees, and customers could be placed in limbo. It is essential for the health of your business that you decide how your company should proceed in the event of your absence. We are here for you at The Berman Law Group to ensure you're rightfully protected so you do not have to wonder how to create a business succession plan that will rightfully protect you, we'll do all of the legal thinking for you.