Elizabethtown Succession Planning Attorneys

A business succession plan is the way a business owner defines their legacy. Who will take care of the business when you have to move on? It’s a tough question to answer for most, but an even more difficult question is this: how will it work? And for that, we at Burnett & Griffin, PLLC, have the answers you need.

Burnett & Griffin, PLLC, Guides You Through All The Pieces Of Succession Planning

We are attorneys who assist in the succession planning for small businesses in Elizabethtown and all across Kentucky. Call it what you want – succession planning or continuity planning – it’s essentially an ownership transfer from you to the people you wish to have in charge.

Building a succession plan is how you keep control over what happens as you step away from the business, and there are so many pieces to keep in mind:

• Who will you pass the business to? For closely held family businesses, this planning may involve deciding which family member makes the most sense. For businesses in other situations, it may involve identifying a candidate internally or seeking an outside buyer.
• How will you pass the business on? Will it be an outright sale or a planned step down, where you’d remain as a board member? Will it be a gift?
• How will you manage the tax consequences? There are gift tax exclusions; there are sales tax implications; and there are many taxation scenarios you will have to consider as you move forward.

In all cases of business succession planning, you must operate with an eye to the future. These are long-term plans that may not come to pass this year, next year or even within a decade or so. This is preparation to uphold your legacy for the long term. You need to make the right choices for yourself.

What Should You Look For In A Successor?

There is no single factor that makes one potential successor more appropriate than any other. The right choice will have to come from you. However, many of our clients want to choose someone who will honor their legacy and carry the business into the future.

Many people believe their closest and most trusted subordinates could be a good fit, but that can often lead to unforeseen consequences. Vision for the future, a plan and the strength to follow through are often the right mix. But the only person who can make that choice is you.

We Help You Move To The Next Step

Succession planning and following through with moving on are a long, time-consuming journey. It’s hard to let go of something that helped you build your dreams. But when the time is right, the feeling of moving on is amazing. We want to help you get there. Call our office in Elizabethtown today at 270-506-0246 or send an email using this online form.