As a business lawyer, closing a business is a bad business practice. Instead, I advocate that all companies should have a succession plan in place. Rather than shutting their doors, owners should pass on their businesses to the rightful successor. Most business owners plan to keep their businesses open, so the only option is to prepare for future ownership.
Protect Your Legacy
The recent story of the Jazz Fest crawfish bread vendor is a perfect example of why succession planning is crucial for any business. After 35 years of running a successful business, the owner of the crawfish bread stand announced that he was retiring and unable to pass on the business to the next generation. While this may seem like a personal decision, it is terrible business practice.
As a lawyer who works with businesses, I understand the importance of having a plan in place for the inevitable end of a business collaboration. After 35 years of being at Jazz Fest, if this business was appropriately structured and set up correctly, there would be something that the owner could sell to the next generation of owners, whether family or somebody else.
At Spera Law Group, we believe that business succession planning is essential for all Louisiana business owners. It is something that should be considered from the moment you form the business, not just when you are ready to retire. Having a plan in place can help prevent disputes and ensure a smooth transition of ownership.
Our team of experienced business lawyers can help you with your business succession planning needs. We can also provide proactive legal advice to help you avoid legal issues that could harm your business down the line. Whether you are just starting your business or have been running it for decades, we are here to help.
Conclusion
In conclusion, closing a business with a succession plan is a good business practice. Every business should ensure a smooth ownership transition at Spera Law Group. Contact us today to learn more about how we can help you with your business succession planning needs and provide proactive legal advice for your business. Click here to see if one of our customized legal solutions is right for you.
