Woburn Business Succession Planning Attorneys

Providing Business Owners With Comprehensive Estate Planning Services

You have worked hard to build your business and want to be sure that when it comes time for you to retire or, upon your death, there will be a smooth ownership transition. Many business owners naturally assume that one of their family members will take over the business upon their retirement or death. Unfortunately, this is not always the case, and it is always best to include a comprehensive business succession plan in your estate plan.

To learn more about the benefits of business succession planning, contact Simmons & Schiavo Attorneys At Law in Woburn, MA, and ask to schedule a consultation to discuss your legal needs.

How Does a Business Succession Planning Attorney Help Clients?

The primary role of a business succession planning attorney is to help clients plan a smooth transfer of ownership of their company to a successor. Business owners should always have a strategic plan in place that provides guidelines for how the transition should occur in the event they are incapacitated, die, or decide to retire.

An attorney with business law experience can create a legal strategy that will allow you to minimize or avoid potential legal disputes that could impact company profitability.

A skilled attorney can help you incorporate your plan into a larger comprehensive estate plan that will help you avoid costly probate, minimize estate taxes for your heirs, and protect your business interests for your successor.

Why Do I Need to Have a Business Succession Plan?

Whether you are just starting out or have been in business for a long time, it is always best to have an established business succession plan. Unexpected life events such as illness or death can complicate business matters, making it challenging to remain viable.

A proper estate plan will provide clear guidelines as to who your successor should be. For example, suppose you own a small business, but none of your heirs wish to run the company after your retirement, death, or incapacitation. A concise business succession plan can eliminate uncertainty and maintain profitability for your organization.

Not having a business succession plan could result in losing your assets, reputation, and financial resources. Contact our law firm today so we can evaluate your needs and help you protect your organization.

What are the Different Ways to Transfer Business Ownership in Massachusetts?

There are several ways to transfer business ownership in Massachusetts, and any decision should always be based on your personal needs and business goals. Business ownership may be transferred in several ways, including:

• A direct sale to a family member or an employee that you have mentored
• A lease-purchase agreement where another party leases the business and obtains ownership by paying the owner over time
• Adjusting the percentage of ownership with existing partners
• Selling the business to a third party
• A gradual transfer of ownership through an implemented strategy
• Establishing a trust that will manage ownership interests

Our legal professionals have comprehensive experience with probate law, tax laws, and asset protection, which can be essential to ensuring your business continues to flourish after you leave.

What are the Benefits of Working With Your Business Succession Planning Lawyer?

If you are a business owner without a business succession plan, you should consult with an attorney immediately. Unfortunately, none of us knows what the future holds, and the best thing you can do to protect your hard-earned assets is to have a detailed plan to make sure your wishes are carried out after you leave the business.

When you come to us for help, we will thoroughly analyze every aspect of your company, including bank accounts, business transactions, and other assets, to ensure you have a well-crafted succession plan that will withstand legal scrutiny. Our law firm is committed to building long-lasting relationships and going above and beyond for clients.

Contact Simmons & Schiavo Attorneys At Law today by calling our law office at 781-675-1315 to schedule a consultation with an experienced attorney who will gladly determine your legal options.