Business Succession Planning in Utah
An important aspect of planning for your business’ future is to have a seamless succession plan in place. In fact, your succession plan can be every bit as important in determining how much you ultimately earn from your business as your original business plan.
In addition, without an effective business succession plan, disputes over ownership and control could leave your company vulnerable to unnecessary financial upheaval after your retirement or death. Successful business succession planning can help you avoid these difficulties by guaranteeing that your company stays in the hands of people you trust.
Business Attorney Salt Lake City
As a business owner, you have invested years of hard work and personal financial resources in building an entity that probably makes up a large portion of your overall estate. For business owners, an effective estate plan must also include an equally effective business plan. Your estate plan and business plan need to work hand in hand to protect and maximize the value of your estate. The goal of every business is to grow, due to this your estate plan needs to account for growth while at the same time protect against downturns or changes in the business climate. Shielding your personal and family assets is also an important aspect of your plan. Your business faces potential threats such as:
- The inability to access assets should you become incapacitated or suddenly pass away
- The way and timing of your exit from the business
- Problematic partners and employees
ANSWERING Business QUESTIONS IN SALT LAKE CITY, DRAPER, AND SOUTH JORDAN
A proper business plan can also make sure that you receive the greatest return from your business, as well as help your business thrive long after your leadership role has come to an end. Garner Laws goal is to prepare a comprehensive business plan to help you when you start your company, when you exit and everything in between. Collaboration is how we establish the best business plans, not just with you but also your advisors. We can provide you with everything you need depending on your particular situation.