Leave Your Company In Good Hands With A Business Succession Plan
As a business owner, you have spent many years of your life building a successful business. Regardless of its scale, a business is a significant asset that might also hold sentimental value. Change is a constant factor of life, however, and there will come a day when you no longer lead the company.
Whether you own an international corporation or a family business spanning generations, planning for its future is vital. Hensley & Krueger LLP has significant experience in the creation of estate plans and business succession plans. Work with our attorneys today to sell your interest in the company through a buy-sell agreement or safeguard it for years to come.
Selecting Your Business Successor
For your professional legacy to continue, you can choose to appoint an heir for your business. Owners of mid-sized to large companies may consider hiring internally. For small family businesses in Texas, the heir is often a spouse or child.
However, not all business owners do — or should — select a family member to inherit the company. Family members might not possess the interest, skills or qualifications to manage the business. There may be multiple family members who are eligible to run the company but choosing among them could impact their relationships to you and one another.
Ultimately, we encourage you to make a well-informed decision regarding your successor. At a consultation, you can review your options, assess risks and formalize your decision with one of our experienced lawyers.
Preserving The Value Of Your Company
Because you have put significant effort into the success of your company, create a plan to preserve it during the eventual time of change. Regardless of who you choose as your successor, the business, its employees, its affiliates and your clients will benefit from a well-planned transition.
How you implement methods to preserve your company will depend on your industry, assets and operations. We can help you create a plan to account for your retirement, training your successor and more.
Business Succession Is A Key Part Of Your Overall Estate Plan
Our estate planning attorneys can help you protect your intellectual property and other business assets. Get a consultation at our Houston law firm by calling 713-570-6422 or completing our contact form.