The backbone of the American economy is the family business, and the transition to the next generation ranks as one of the most satisfying tasks we perform for our clients. Whether a family business or any other, all business owners will eventually exit their business due to retirement, a favorable financial opportunity, or such unfortunate events as an unexpected death, disability, divorce or other financial distress.
Business transition law involves the transfer of a business asset or entity from an existing owner, through change of ownership. You may wonder, “when is the best time to plan a business transition”? The best window is to begin as early as possible; ideally planning five to seven years ahead. Usually, the transition occurs during the life of the existing owner, however, if it occurs after the owner dies, it is typically part of an estate plan. Failure to develop a clear timeline and strategic plan for business transition long before it becomes necessary may result in a chaotic transition.
Whether you are running a successful business and can’t imagine doing anything else for the next twenty years, or are nearing retirement and need liquidity to fund your retirement dreams, a well-designed business transition plan will provide you with a road map to achieve your business and personal goals. At Porter Law Group, it is our priority to ensure our clients are prepared whenever they face a business transition.
Our team of qualified business transition attorneys possess knowledge and experience necessary to help guide you and your business toward a successful outcome on your terms and at the time of your choosing. We will work with you and your team to ask and answer all the questions relevant to the transition of your business, and develop a plan to maximize value and achieve your business and personal financial goals.