Who Will Run The Business?

Most people who run successful small and family businesses have planned well. They know what to do in the event of low sales or a change in the market. However, one thing people fail to plan for is succession.

When making end-of-life plans such as wills and trusts, it is also important to include a comprehensive, legally binding plan for the business — one that includes valuation and asset protection. The attorneys at Kiefaber & Oliva LLP, will partner with you to create a plan for succession that meets the current and long term goals of your business and needs of your family.

When Things Are Running Smoothly

It may seem that things are running smoothly and time is not of the essence. But no one expects tragedy to strike, and some divorces may seem to come out of left field. The best time to hope for the best is now. Now is also the best time to plan for the unexpected. Planning for business succession with a skilled and experienced attorney offers you the best chance for a smooth transition and continued success.

Crafting a business succession plan allows you to not only focus on your daily success, but also allows a long-view of your business.

Questions To Ask When Planning Business Succession

  1. Who will take over the business?
  2. What happens if the business does not sell?
  3. How will a divorce affect the business?
  4. How do I minimize the tax impact?

Working with a qualified lawyer to carefully assess who is best suited for leadership and what the business demands are two key questions in choosing a successor. Deciding how the business assets will be transferred and then creating a legally binding plan are both essential to protect and preserve the business you worked so hard to build and to continue to provide for the family you love.

What If It Doesn't Sell?

In a perfect world, after a crisis your business would sell for a profit and continue to prosper. If this is the case we are ready to assist you with the purchase agreement and transfer.

But this is not always the case. Even the best, most profitable and well-run Texas businesses do not always sell for what they are worth. That is where a carefully created plan can mitigate losses and keep the business thriving, especially after an unexpected crisis or loss.

It's important not to wait for a crisis to consider the option and prepare a business succession plan that works for both your family and for the goals of the business. Call the Houston, Texas office of Kiefaber & Oliva LLP at 713-391-8704 to set up a business succession consultation. Or contact us online.