Business succession is a process that requires careful planning and forethought in order to achieve the results and goals that a business owners or entrepreneur desires. There are many forms of business succession, including: (1) transfer to children or other family members, (2) transfer to a key employee or group of employees, and (3) transfer to a third party.
Each of these business succession strategies involves its own set of unique concerns, however, common to each of these is the importance of starting early and involving the right advisors to correctly plan and implement the business owner’s exit strategy. Depending upon the form of the transaction, the business owner may rely upon gifting, a sale, or a combination gift-sale transaction to transfer the business. Riney Law Firm works with business owners to develop a plan that is right for the them, including drafting the necessary documents such as gifting documents, Asset Purchase Agreements, Stock Purchase Agreements, Promissory Notes, Security Agreements, and the myriad other transactional instruments necessary to effectuate a successful business succession strategy.