Business Planning for Ownership and Management Transitions
When you organize and register a new business, you can't possibly anticipate all the scenarios that might eventually play out. However, you can plan to protect your personal, professional and family interests under a wide range of potential outcomes, good and bad. For dependable advice about planning for changes in business ownership or management, contact a lawyer at Alder & Robb, P.C., in Salt Lake City for a free consultation.
For established family businesses, the primary concern is often to find a way to keep the company running on a profitable basis within the family after retirement or death. Our Utah management succession planning lawyers can help you find ways to protect your family's interest in continuity through asset protection strategies, estate planning tools or family business trust instruments. These strategies can be effective for small businesses and closely held operations of all kinds, from family farms and ranches to restaurants, retail operations or real estate investment companies.
We work closely with each client to gauge the interest and talent for management that the next generation might have for operating your business. Planning for the future sale of a business is sometimes the best way to protect the value of the company for your heirs. Key person insurance can also fund the buyout of a family interest if other shareholders can continue operations after death. We review current organizational documents like operating agreements and buy-sell agreements to make sure that they continue to address your business and family needs.
Utah Business Ownership Agreement Attorneys
Another consideration concerns marital interests in business property. Prenuptial or postnuptial agreement terms can insulate business assets from the potential disruption of a property division dispute. Our objective is to make sure that your arrangements for the future ownership and management of your company make sense for yourself, your family and the other members of your equity group. Then we work to express those arrangements in enforceable terms.
For additional information about our ability to advise you about coordinating your estate plan with your business ownership and operational goals, contact the Salt Lake City management succession lawyers at Alder & Robb.