Establishing a successful and profitable business from the ground up is a remarkable accomplishment. While you cannot run the business forever, you do have a say in who will assume control of its operations. At Strauss Attorneys, PLLC, located in Asheville and Hendersonville, North Carolina, we help clients with all aspects of business succession planning.
The Need for Business Succession Planning
According to the Small Business Administration, roughly 90% of American businesses are family-owned, yet only 30% of these companies are successfully transitioned into the second generation, and a mere 15% survive into the third. See J. H. Astrachan and M. C. Shanker, Family Businesses’ Contribution to the U.S. Economy: A Closer Look, Family Business Review, September 2003. The primary reason that many closely-held businesses fail to continue in successive generations is because they do not have articulated succession plans.
Whether you want to reward a hard-working family member or a loyal employee for his or her help in making your business a success or just want to sell the business and retire, a comprehensive business succession plan can help ensure a seamless transition in ownership and minimal disruption to operations. No matter what your situation may be, Strauss Attorneys, PLLC. can help you successfully plan for the future.
Designating Your Successor
We help clients with the difficult and sometimes overwhelming process of succession planning. Please note, you do not necessarily have to designate your child or children as successor to a family business. In fact, professional and personal matters must be separated if a son or daughter does not possess the skills or business acumen to run a business built with hard work and solid leadership.
Business Succession – Towards a Smooth Transition
The end of your tenure as a business owner should not represent the end of your company. A smooth exit plan and ownership transition will help your business continue its success. Let us put our extensive experience in succession planning to work for you. Together, we can work to acquire the peace of mind in knowing that your business will continue to succeed long after you are gone.
Understanding your Business Transfer Motives
We take the time to develop a clear understanding of your Business Transfer Motives to help match the right techniques to your goals.
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