Somerset Business Succession Planning Lawyer

We understand you have worked hard to build your business, and you want to make sure it continues to thrive well into the future. When it comes to closely-held and family-owned businesses, it is never too early to start planning for what will happen down the road when you are no longer able to oversee things. The process can feel overwhelming or premature, but businesses without succession plans are more vulnerable to failure. Luckily, our experienced estate planning attorneys can help guide you through the planning process to avoid problems later.

A Somerset business succession planning lawyer from our firm can help you strategize for the transfer of your business, provide guidance about applicable taxes, and prepare relevant documentation. With dedicated planning, you can rest assured your company will continue to run smoothly if you are no longer able to oversee the process.

What Is Business Succession Planning?

Business succession planning is when someone prepares for the transfer of ownership and management of their business in the event of their retirement, death, or incapacitation. Questions and concerns to consider in the business succession planning process include:

  • When the transfer takes place
  • Whether the company should be restructured
  • If the company should be sold or liquidated
  • Whether the plan accounts for the cost of retirement
  • Who will own, control, and manage the business
  • If it is a family business, whether it stays in the family
  • How the new managers will be trained and brought up-to-speed
  • The taxes and costs associated with different strategies

An attorney in Somerset who deals with business succession planning can help you answer these questions and formulate a comprehensive plan to address them. At the Sechler Law Firm, LLC, our team has extensive business succession planning and general estate planning experience. We are well-versed in the law, and because we are accustomed to dealing with sensitive and complicated family dynamics, we can help you navigate everything so you can achieve your financial and business objectives without hurting anyone’s feelings.

Tax Issues Involved in Business Succession Planning

Nobody wants to encounter a situation where a business must be liquidated after the death of the owner simply because that is the only way to pay the tax bill.

As part of the business succession planning process in Somerset, our attorneys evaluate all potentially applicable taxes (including federal, estate, gift, and Pennsylvania inheritance tax) and figure out potential ways to minimize these tax liabilities.

Methods might include transferring the business during the owner’s lifetime through use of smaller gifts or benefitting from state inheritance tax exemptions for intra-family transfers of family-owned businesses and agricultural real estate.

Business Succession Planning Documentation

The process of planning for the transfer of a business—whether as a gradual process done during an owner’s lifetime or triggered by an emergency like an unexpected death—often involves the preparation of numerous legal documents. These documents may include:

  • By-laws
  • Trust documents
  • Buy-sell agreements
  • Operating agreements
  • Partnership agreements
  • Compensation agreements
  • Limited liability agreements

A local business succession planning attorney in Somerset can evaluate any given situation to determine which documents are needed. Together, we can implement an effective and legally binding business succession plan.

Call a Somerset Business Succession Planning Attorney for Legal Advice

It can be daunting and uncomfortable to think about contingency plans, but it is best to be prepared. With all the hard work you have put into building your business, you do not want an unforeseen event to impact its viability and future success. A Somerset business succession planning lawyer can help you tackle things head-on to avoid problems later.

When it comes to the critical work of business succession planning, our experienced attorneys can provide guidance with respect to everything from planning to drafting necessary documents. Call us today for a free consultation.