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Plan Your Monterey County Company’s Future With Our Skilled Business Succession Lawyers

Last updated on June 25, 2024

As a business owner, thoroughly preparing for what will happen with your business when you are gone is crucial. At R.S.C. Law Group, Inc., we understand the importance of planning a smooth transition in your company’s ownership. Based in Monterey County, our experienced and knowledgeable California estate planning attorneys are here to help you pursue effective solutions tailored to your unique business succession goals.

Passing Your Business On To A Family Member

Transferring your family business to the next generation can be a fulfilling yet complex process. Here are some of the ways such a transition can be executed:

  • Gifting the business: This is one of the most straightforward methods. However, it could create tax liabilities for your family members, depending on the value of the business.
  • Family limited partnership: This special type of business entity allows you to gradually transfer business ownership interests to family members over time.
  • Trusts: This involves putting the business into a trust, with the trust’s terms determining how ownership interests will eventually go to designated family members.
  • Private annuities: This involves giving over the business to a family member in exchange for regular payments during your lifetime.

Our attorneys can help you determine the right path forward for your family business.

Navigating Business Sales To Nonrelatives

Transferring your business to a nonrelative typically involves a sale. Such a transaction can be structured in several ways, such as:

  • A traditional sales agreement
  • A buy-sell agreement in which a sale will trigger at death, retirement or some other preset event
  • A private annuity arrangement or other more complex exchanges

Our lawyers can guide you through your options and help you with each step of the route you choose.

Mitigating Risks And Preparing Your Company For Future Success

A seamless ownership transition can be critical for the continued success of your business. Problems that could get in the way of this include legal trouble related to the transfer or an ill-fitting successor. To proactively get in front of such risks, it can be critical to:

  • Select a transfer method well-suited to your business
  • Tailor the transfer documents to the specific circumstances of your business
  • Take care to select a successor who aligns with the organization’s values and goals
  • Establish a detailed plan for transitioning knowledge and responsibilities to the new leadership

With over 55 years of combined experience, our skilled attorneys can assist you with all aspects of business succession planning. At every step, we will strive to do everything we can to protect your company’s legacy.

Start Confidently Preparing For The Future Today

Securing the future of your company requires careful planning. We are ready to provide you with the personalized support and tailored solutions you need when it comes to business succession planning. Learn more in a free consultation. Reach out to us by phone at 831-275-0987 or by email for help scheduling one.