Business succession planning is of vital importance to everyone who owns an interest in a business, whether you operate a sole proprietorship, corporation, or Limited Liability Company (LLC). The process of business succession planning can ensure your company is able to survive and serve as a lasting legacy to be handed down through the generations and to continue providing important value to your community.
Considerations such as the role of children and key employees, the continuity of operations, liquidity for buy outs, fairness to children not participating in a family owned business, and of course, asset protection and facility financial stability all play into business succession planning. Often, getting started with some of the challenging conversations needed is the hardest part. We’ve helped others before and would be happy to help you. Our Durham Business Succession Planning Attorneys in Clarity Legal Group can provide assistance with the business succession planning process.