My firm can assist you with many aspects of your business, from choice of entity for a new business, to formation of the entity, negotiating and drafting contracts and leases, representation in commercial loan transactions, and long-term planning for achieving the optimum value for the business at the time and on the terms that you desire.
There are several types of legal entities to choose from in setting up a business. The right choice will take into consideration tax implications, management structure and style, the number of owners and the relationship between them, the necessity of limiting personal liability, and whether investors are being sought. H. Diane Dixon can help you determine which business entity is best for your purposes.
Business Succession Planning
Just as you plan for the formation of a business and continually employ strategies to grow the business, you must also plan for your eventual exit from- or continuation of- the business in a manner that is most consistent with your goals. Such "succession planning" can take many forms. Regardless of whether an owner plans to ultimately sell a business to a third party or pass it on to other family members, a well-planned strategy will ensure stability, continuation, and preservation of value during the process.
An attorney is only one member of the team of advisors that an effective business exit strategy requires. Tax implications, market considerations, valuation, financial resources, raw materials, employees, and the client's particular needs all play a role in the formulation of a sensible plan and no one professional advisor has the expertise to address all such factors. Our firm is pleased to collaborate with the appropriate professionals to contribute to the formation of the plan that best advances the client's overall wealth and estate planning goals. Without such a plan, the happening of the unexpected could threaten the value of the business and compromise an owner's ability to harvest the benefits of the value created over the years. At a minimum, a succession plan should address the handling of your business interests in the event of your death or the death of one or more of your partners. Such plans are sometimes in the form of a buy-sell agreement between the business owners. These agreements allow the remaining owners to buy out any deceased owner's interest from the owner's estate, sometimes using proceeds from a life insurance policy on the deceased owner. Such a plan can ensure smooth continuation of the business and can accomplish the deceased business owner's estate planning goals for surviving loved ones.
If you'd like to talk to us about business succession planning, please contact us at (423) 710-3689 or use the form on our contact page.