As a business owner, you have invested time, energy, and money to build your business and want it to continue even after you are no longer able to look after it. Many owners elect to create succession plans so that they can leave detailed instructions to the person who will take over their business when they are unable to manage it themselves. It is imperative to have a succession plan to prevent the risk of your business being poorly handled or even closed. A business law attorney Milwaukee will walk you through this critical process so that you can ensure that your business is handled the way that you prefer.
What is a Succession Plan?
A business succession plan is a guideline that will be left to the successor of your business and it will detail your wishes of how the business should be operated. This plan will identify who you wish to appoint to manage your business functions. It will also outline tax and estate planning for the business, financial needs, asset protection, and how to transfer ownership and appoint managers.
When businesses fail to use succession plans, they run the risk of many potential issues once the owner no longer handles daily management. The business may be inherited by someone not fit to continue the operations, the finances may not be handled properly causing bankruptcy, or the loss of overall value. To avoid this, it is best to hire a Milwaukee business law attorney who will learn about your business and provide options for the best plan for you.
A business lawyer Milwaukee will help you with all components of the succession plan and will communicate the responsibilities to the party chosen to manage the business.
If you are in need of an attorney that can answer all of your questions related to succession plans, contact Stupar & Bartell for more information.