Buy-Sell Agreements and Succession Planning

Planning your businesses transition to new owners is critical, and failure to do so properly can be a business-ending event.  Most businesses, public and private, fail and die after a few short decades.  Even worse, in closely held businesses, the founder’s children or grandchildren very rarely succeed in keeping the founder’s business going.  In this we find the origins of the common saying “Shirtsleeves to shirtsleeves in three generations.  But there is a common reason for this failure:  lack of business succession planning and strategy.

Business continuity and succession demand that a business owner takes action early – while tax savings on buy-sell plans and insurance make sale of the business much cheaper.  However, it also requires an owner to carefully consider the competency of the individuals taking the reigns once the owner retires.  Beyond these consideration, some business succession scenarios require extensive reorganization and process reengineering.

Let Allegis Law assist you in transitioning through the many obstacles to business succession.  Our lawyers can help you to put in place a business succession plan and buy-sell arrangement that will help to ensure continuity of your business and legacy into the future.