While most business owners never consider what may happen to their business in the event they are no longer able to run the business themselves, this can be a crucial part of your overall business planning. Life is unpredictable and none of us knows when we may be stricken with a sudden illness, killed in a car accident or simply are no longer able to work on a regular basis for other reasons. This is when a business succession plan becomes very important to the long-term success of a business.
Why succession planning?
Succession planning provides a roadmap for the future. Oftentimes, if you are incapable of running your business then someone else has to take over. In many cases, a family member is not always the perfect choice; instead someone within the firm may be able to run the business more effectively. When you create a succession plan naming a specific person to take over in the event of your inability to do so, it helps protect your business.
Legal issues impact every stage of a business’ life-cycle. Starting with initial business formation, David Samuel Brown Law Office can help you carefully plan how to make your business work for you. When forming your business, we can help you to decide whether to operate as a closely held business, limited liability company, partnership, corporation, or other business entity.
We can advise your business about:
- Obtaining financing and funding for business operations
- Registering a trade name and protecting a trade name nationwide
- Directors’ and officers’ liability
- Franchising, reorganization
- Trade association membership and activity
- Shareholders’ rights
- Employee relations
- Business successions
- Buy-sell agreements
Most of us spend our lifetime growing our business and developing relationships with our employees and our vendors. In order for your business to continue to grow and thrive, those relationships must be nurtured and developed further. In the event you are unable to continue managing your business, it is in your best interest to make sure that you have a plan in place.
No matter where your business takes you, the business planning David Samuel Brown Law Office can help with your business planning. We’ll tell you what the law requires in business organization legal issues, and make the law work for you. We can advise you on how to take full advantage of opportunities, and avoid problems in your business.
When you take the time to develop a succession plan for your business, you can feel confident that your family will continue to enjoy the income you have worked so hard to create over time. In addition, you will have the peace of mind that goes with knowing your business is being dealt with professionally. If you do not already have a succession plan for your business, contact the David Brown Law Firm in Dallas TX.
We can help create a manageable succession plan for your business. To learn more about how the firm can accommodate your business law needs, please call 214-696-3100 to schedule an appointment with an attorney. Prospective clients may also reach the firm via e-mail through the contact form or at the attorney’s email addresses