Planning Your Legacy With Business Succession Planning

Whether you founded your company or are the latest of multiple generations to run your family business, the prospect of leaving what you have worked hard for can be daunting. However, leaving the future of your business up to chance is risky, and can even lead to conflict. Business succession planning gives you the opportunity to avoid uncertainty and plan for the future.

I am estate planning attorney Gregory Lesak of Lesak Legal, and I have provided extensive legal services to Jacksonville businesses of all sizes since 2003. Whether your business involves construction, real estate, insurance or more, a business succession plan will provide you with peace of mind when you decide to take your next step in life.

What Is Business Succession Planning?

Business succession planning is an important part of your estate plan. Whether you retire, pass away or develop a disability and can no longer work, your business succession plan will help instruct what will happen to your business and who will take over in your absence. One of the most challenging parts of creating a business succession plan is simply getting started.

With my help as a business succession planning lawyer, I can ease the process from start to finish. I will start by identifying your goals and expectations of the business. Do you want to retire or stay working in some capacity for as long as possible? Would you like the business to stay in the family? What will a transition look like? Together, we will prepare for several scenarios and develop clear expectations for the future.

Who Will Be Your Successor?

Often, the decision of who will take over the business is the most difficult. Naming a successor is an important part of creating stability for the future of the business. However, you don’t want just anyone leading the business. You want someone who is qualified and shares your vision, as well as someone who wants to take over the business and is willing to put in the work.

Who you choose as your successor will depend entirely on your unique situation. Perhaps you have a family member or trusted employee who is ready to assume this responsibility, or you may have your sights set on selling to a third party. We will discuss the options available to you and how this plan will be communicated to not only your chosen successor, but also key employees and any family members involved in the business.

Ready To Plan For The Future?

Whether you need assistance with getting started or with modifying an existing business succession plan, reach out to me at Lesak Legal. Call my Jacksonville office at 904-901-4750 or complete my online contact form to schedule your initial consultation.