Plantation Business Succession Planning Lawyer

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Many employees in Florida and around the country work for small businesses such as sole proprietorships or family-run enterprises. A tragedy that leaves a business owner unable to care for their own affairs may jeopardize these workers’ livelihoods. In other circumstances, owners who are considering retirement should also determine what is to be done with their business when the time comes. A failure to properly plan ahead may leave the company’s future in doubt. Without a proper business succession plan, ownership may distribute to a decedent’s heirs without regard for their wishes or that beneficiary’s ability to run the business.

A Plantation business succession planning lawyer can help to craft documents that meet your needs and clearly outline your wishes upon incapacity or death. When you create these plans with the help of a skilled estate planning attorney, they can provide stability and certainty for your family, your business, and your employees. Contact the office of Marc Brown, P.A., at All Florida Real Estate Lawyers to get started.

Potential Options for a Business Succession Plan

A succession plan forms a vital part of any business arrangement. While most owners are concerned with the formation of their company and how to maximize profits, it is just as important to leave instructions for what should be done in the event that they are suddenly unavailable or unable to make sound decisions.

There are a variety of options to accomplish these goals. One of the most common is instructing the executor of an estate to sell a decedent’s shares in a company to a co-owner. The executor can then use the proceeds to benefit the decedent’s family. Another option is to designate an heir to take over the shares in the company. This may be any family member an owner chooses, regardless of that beneficiary’s competency or prior engagement in the company.

Additionally, a succession plan can mandate that the executor sell the shares back to the company itself. Once again, this will result in proceeds that accumulate in the decedent’s estate. A Plantation business planning attorney can help evaluate various succession options and choose one that best fits an owner’s needs.

Legal Requirements for a Business Succession Plan

A business succession plan is similar to a will. In essence, it is instructions for what an executor of an estate must do if the owner becomes unable to care for their own affairs either through death, disability, or retirement. The goal is to avoid a forced sale or split of business assets that may result from a probate court’s application of the state’s intestacy laws under Florida Statute § 732.102.

The most important thing for a succession plan to contain is clear intent. The written document must state in unequivocal terms what it is that the owner wants to happen with every possible part of the business. It may also be helpful to sign the plan in front of witnesses or a notary to leave no doubt about the signer’s stability of mind and competence when signing the agreement.

These plans typically consider complex questions concerning taxes, the sale of assets, the payment of life insurance, and even the valuation of the business. A trusted Plantation attorney can help draft documents that leave no doubt about an owner’s intent concerning business succession.

Contact a Plantation Business Succession Planning Attorney Today

Business owners must take an active hand in the day-to-day activities of their companies. However, a time may come when they can no longer do so. Whether this is the result of voluntary retirement, a disabling condition, or even death, it is essential to leave a detailed plan that outlines their wishes for the company’s future.

A Plantation business succession planning lawyer can help. We can meet with you face to face to document the value of your business, evaluate your stake, and recognize your goals for the company moving forward. We can also help if issues have arisen concerning the validity of a current plan in a local probate court. Contact All Florida Real Estate Lawyers to schedule a consultation to learn more.