Tampa Business Succession Planning Attorney
Business owners may spend their time focusing on the day-to-day operations of their company, or they may concentrate on ways to grow, expand, or simply hold on to their market share in a tough economy or increasingly competitive market. Not many devote a great deal of thought to what would become of the business if one of the owners were to die, divorce, become incapacitated, or otherwise need to leave the business. If the business were to dissolve, how would the ownership issues be handled? What plans are there for handing over the reins to the next generation? The time to answer these questions is when the business entity is initially being formed, or when the estate plans of the business owners are being created or revised. Contact our Tampa business succession attorney for more information.
As a Tampa business succession planning attorney with over 17 years of experience providing estate planning and tax advice to Tampa business owners, David Toback’s expertise fully encompasses issues of business succession planning for individuals with ownership interests in family businesses, closely-held corporations, LLCs and partnerships.
Many Events May Trigger Business Succession Issues
The transfer of ownership in a business may be a planned, deliberate and voluntary move, or it may occur unexpectedly and even undesirably. Business owners may look forward to retirement one day or grudgingly accept the possibility of death, but it is equally important to consider other events which may trigger a business succession. For instance, a divorce of one of the owners may lead to the transfer or sale of an ownership interest to an unwelcome party. There is also the prospect of a business divorce, where the partners or co-owners no longer wish to do business together. Deciding well in advance how these matters should be handled enables them to be dealt with efficiently, smoothly and on a rational, objective basis, without involving protracted and emotional litigation. When family members are involved in business together, it is especially important that succession matters be considered in advance and in the absence of any family crisis.
Florida Business Succession Planning Attorney
David Toback advises business owners on the importance of thoughtful, deliberate business succession planning and the pitfalls of neglecting this important aspect of business ownership, or doing it inexpertly. He can assist in the negotiation, drafting or acquisition of critical instruments for business succession, such as:
- “Key person” insurance to make up for the loss of an essential figure or fund the winding down of operations when necessary
- Corporate succession policies and procedures, including planning for employee purchases of the business and tax considerations
- Buy-Sell Agreements funded with life insurance policies, including cross-purchase or redemption agreements as applicable
Don’t wait until a crisis presents itself before trying to figure out how business succession matters should be handled. If you have not addressed this vital issue in your business yet, contact David Toback for advice and assistance from a Tampa business succession attorney experienced in all business succession planning.