Business Succession Plan Guidance

There are many decisions that an entrepreneur faces when establishing a new business. One decision that may sometimes get overlooked but shouldn't is what will happen to the business if and when the owner dies. In addition to thinking about this, an entrepreneur should also consider other options for leaving a business before death.

These decisions may not always be easy to make but are very important and often referred to as business succession plans. At Landrum & Shouse LLP, our experienced business attorneys know how to help people in Lexington, Kentucky make decisions about their companies' futures.

Multiple Succession Options

When first considering how and when a person may want to leave the day-to-day ownership and operation of a business, it is important to identify what the future goals for the business may be.

For some people, this may include leaving a legacy for family members. However, there may be no heirs able or willing to assume ownership or management of a company. For other people, a business might be seen as a valuable retirement planning vehicle and therefore a plan to sell for maximum profit might be a priority. The ultimate goal of the owner should direct the business succession planning process from the get-go.

Our team of professionals can help entrepreneurs evaluate:

  • Realistic business goals
  • Potential ownership options
  • Split ownership-management options
  • Tax implications of different structures
  • Trusts and other estate planning tools

When minimizing disruption to a business is a concern, a phased transition approach may be preferred over an abrupt sale or transfer of responsibility or title.

We Can Help

When Kentucky business owners need to determine how to plan their companies' futures, the lawyers at Landrum & Shouse LLP are ready to help. We can be reached for a consultation online via our website or via at (888) 322-2505. We represent clients in Lexington and the surrounding areas of Kentucky.