Business Succession Planning 

Planning for the future is essential to ensuring the longevity of your business. Attorney Stephen B. Johnston helps business owners create succession plans tailored to their specific needs. Whether you’re transferring ownership to family members, selling to a third party, or planning an employee buyout, we offer solutions that align with your goals and protect your legacy. Our services include drafting buy-sell agreements, succession strategies, and tax-efficient transfer plans.

What to Consider When Planning for the Future 

Planning for business succession involves considering both immediate and long-term needs. Key factors include identifying potential successors, evaluating the financial health of your business, and setting clear goals for the transition. It’s important to have a detailed plan that accounts for contingencies and provides a roadmap for your successor to follow.

Options for Succession and Necessary Plans

• Family Succession: Transitioning ownership to a family member often involves addressing complex interpersonal and financial dynamics. Clear communication and a well-structured plan can help ensure a smooth transfer.

• Third-Party Sale: Selling your business to an external buyer can provide financial security, but it requires careful valuation, negotiation, and legal documentation.

• Employee Buyout: Allowing employees to purchase the business can foster loyalty and preserve the company’s culture. This option requires a detailed plan and funding arrangements.

Long-Term Plans Long-term planning includes setting up retirement funds, minimizing tax liabilities, and creating a strategy to maintain the business’s success after your departure. Establishing a timeline and benchmarks can help ensure your goals are met.

Emergency Plans Unexpected events such as illness, disability, or sudden market changes can disrupt your business. Having an emergency succession plan in place can protect your company and ensure continuity. This might include appointing interim leadership or having contingency agreements ready.

At the Law Office of Stephen B. Johnston, we are committed to supporting businesses at every stage of their journey. Contact us today to learn how we can help your business thrive.