Business Succession Planning
The business succession planning attorneys at Tuesley Hall Konopa understand that starting and growing a business is an evolution. From business formation through exit and succession planning we focus on understanding every client’s unique personal and professional goals. This focus gives us the insight to be effective advocates, advisors and strategists who help business owners create an exit plan. Since 1997, the succession planning attorneys at Tuesley Hall Konopa have helped owners of closely-held and managed businesses make a successful transition to retirement while minimizing the tax burden created by the sale or transfer of a business.
Succession Planning Steps
- Start business succession planning early. Succession planning takes years, not months and implementation is often spread over the course of many years. Owners who hope to retire should begin the succession planning process 5 to 10 years before their anticipated retirement.
- Involve your family in business succession planning discussions. Open the discussion and get clear on personal feelings, ambitions and goals of everyone involved. This can be very emotional.
- Hire legal counsel who can help you be realistic about who has the interest and capabilities to continue the business.
A good succession plan can ensure that you have the funds to retire and that the business you’ve built continues to thrive in the hands of the next generation.
Business succession planning is a cornerstone of our practice and the attorneys at Tuesley Hall Konopa have built a reputation for helping owners of closely-held and managed businesses plan for the future. Call 574.232.3538 for an appointment to discuss your business exit plan options and retirement strategies.