Business Succession Planning
For many if not most small businesses, the owner is the driving force behind the company. If the owner of the company becomes incapacitated, either temporarily or permanently, it can lead to diminished profitability or the end of the business altogether. With a solid business succession plan in place, this result can be avoided. An estate planning attorney can be instrumental to achieving these and other goals. At Hudson L. Voltz, P.C., our lawyers help sole proprietors, partners, LLCs and other small businesses in Chester County and beyond in business succession planning.
Creating A Business Succession Plan Customized To Your Company’s Needs
One of the biggest issues in a business succession plan is determining how to proceed if the owner is incapacitated. In these situations, a company’s value can fall very quickly if effective action is not taken. Our attorneys can help you decide on how to proceed in this situation. Depending on your needs, you may want to formally place your spouse or child to continue operations or you may want the business to be sold in order to protect its value.
At the same time, we will counsel you as to other issues impacting your company’s future. For instance, if you want the next generation of your family to continue operating your business in the event of your death, we can structure a plan that will minimize the possible impact of the estate tax. In all instances, our lawyers will ask incisive questions aimed at fully understanding what you want from your business succession plan. We can then develop and implement a succession plan that meets these needs.
Contact Hudson L. Voltz, P.C.
Based in Downingtown, our law firm serves businesses across southeastern Pennsylvania. Contact the law firm of Hudson L. Voltz, P.C. at 610-518-9500.