Business Succession Planning
One of the best ways a business owner or executive can protect a business is to plan for what will happen to it when he or she is no longer around. The estate planning lawyers of Stubbeman, McRae, Sealy, Laughlin & Browder, Inc., in Midland, have decades of combined experience helping business owners ensure strong futures for their companies. By assessing your operation and learning about what is most important to you, we can help you come up with a plan that satisfies your business and family needs.
Protecting Your Most Valuable Asset With Strategic Planning
To protect the future of your business, it is important to work with a law firm that has a long history of handling business succession matters. Our attorneys understand that your business is more than just an asset. For many people it is a symbol of their hard work and the success that came with it. We can help you:
- Name a successor
- Purchase a life insurance policy
- Establish a family trust
- Determine the value of your business
- Create a buy-sell agreement
Why Do You Need A Succession Plan?
The benefits of creating a thorough succession plan for your business are countless. Some of the most important are:
- Avoiding taxes: Without a succession plan, your business could be subjected to high estate tax rates. A good succession plan can reduce or avoid estate taxes, making sure your business goes to the right people.
- Retaining control: Creating a business succession plan allows you to decide what will happen to your business — not anyone else.
- Addressing the big picture: Business succession planning not only protects your business, but also allows you to consider every aspect of your company when thinking about the future.