Are you looking to create your exit plan to move your business on to the next generation?
We know this process is complex, and takes time. That’s why we work with many of our clients on a monthly membership, rather than a one-time fee. We’re happy to coach you through the process of determining how you’ll exit your business, and then creating the legal paperwork for that.
Do you want to have a plan in place to protect your loved ones and ensure they inherit your assets after you’ve passed on?
You should. Our team is built around helping successful mom-and-pop businesses who need to pass their business on to children, employees, or other new owners. Big corporations really don’t have this issue, so it’s unique to the businesses we work with.
What is business succession planning?
We know you’ve worked hard to create and run your business. Some days, it feels like you’ve given your business everything you’ve got. That’s why it’s so important to create a plan for moving forward – whether towards retirement, selling your business, or in the case of an emergency. A business succession plan allows your business to keep running in any of the cases. Ensuring that your plan is well-designed and covers all your bases allows you to transition your business smoothly to the next generation of owners.
What types of exit strategies are there?
There are two types of exit strategies:
What goes into creating a business succession plan?
A good business succession plan should cover all assets of possible transition, including everything from taxation and transactions to potential litigation. Some of these issues include:
- Creating a timeline for your business
- Maximizing tax benefits
- Valuing the business
- Choosing a successor(s)
- Creating contracts and agreements (in regards to your specific type of transition)
What is estate planning?
Like a business succession plan, an estate plan is a guide to managing all your assets, property, and possessions upon your death. This plan allows your loved ones to understand where all your assets should go, to whom, and at what time.
What are some common assets?
Assets that you want to protect include both tangible and intangible assets.
Tangible assets include:
- Property and real estate
- Vehicles
- Personal items of value (furniture, jewelry, etc.)
- Stock
- Cash
- Accounts receivable
Intangible assets often include:
- Intellectual property and goodwill
What is typically included in a Louisiana estate plan?
An estate plan consists of several different parts, all of which should be changed and modified when there are new updates in your life (increased salary, a new grandchild, etc.). The different parts of a plan typically include:
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Will
Writing a will allows you to dictate which family members should receive your assets and when, as well as what to do in terms of guardianship of your children.
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Trust
Like wills, trusts explain your wishes to your family in regards to inheritance and distribution of property, but trusts also allow you to continually manage your affairs while you’re still alive. The idea that only the incredibly wealth need trusts is a common misconception.
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Power of Attorney
There are actually two important types of powers of attorney: POA for finances and POA for health care. POAs allow you to choose someone to make decisions for you in case you are unable to make them for yourself.
How are business planning and estate planning related?
As a business owner, you’ll want to not only think about what’s going to happen to your family after you retire (or in the case of an emergency), but also what’s going to happen to your business. If you have a plan in place for both, you’ll feel at ease knowing that your loved ones and everything you worked so hard to create are all protected.
”“Andrew and his team are the best bang for your buck, especially for small business budgets. Extremely thorough, timely, and on-point with their deliverables. Whether in shape or not, Spera will get you there and beyond. We highly recommend Spera Law Group and will continue to do so. Thanks guys!”
Louisiana Land Art
Schedule your consultation with Spera Law today
It’s important to do your best to plan for the unexpected to protect both your family and your business. At Spera Law Group, we’re here to guide you through the process of creating those plans and putting them into place. We’ve helped businesses of all types navigate this process avoid potential pitfalls. Schedule your free consultation with us today so that we can get started on your case.
How we work with our clients:
- Providing predictable flat monthly fees
- Advising on specific legal issues OR through general consultation and guidance over time
- Eliminating the uncertainty of cost
- Systematically updating you on a regular basis
- Switching from legal issues reactions to legal problem prevention
