Fayetteville, Arkansas Business Succession Planning Lawyer
Small business owners deserve to have peace of mind. You built your company from the ground up, and you most likely want to ensure your company and its legacy are preserved long after you’re gone. One of the best ways to do so is through business succession planning. Contact a seasoned Fayetteville business succession planning lawyer from the Knapp Law Firm today to learn more about this facet of estate law and how our legal team can help you through the process.
Do I Need a Business Succession Planning Lawyer?
Though there are certain measures you can take on your own to ensure your business is protected, only a competent Fayetteville, Arkansas estate planning lawyer can help you draft up a comprehensive business succession plan. Our firm has decades of experience representing business owner clients throughout Arkansas, and we are here to put that experience to work for you as well.
The Basics of Business Succession Planning
The purpose of business succession planning is to ensure the transition of business ownership goes as smoothly as possible after a business owner retires or passes away. Without a succession plan in place, a business’s profitability and future may be in jeopardy, and these matters can be quite complicated to sort out after a business owner dies. Just some of the ways we can ensure the smooth transfer of your business are as follows:
- Crafting family limited partnerships or a limited liability company, which can ensure that shares and other business-related assets are transferred to family members or heirs with fewer tax consequences.
- Drafting buy-sell agreements. Doing so ensures procedures are in place for when the time comes for the business and its assets to be transferred over. We can specify certain triggering situations that cause the agreement to take effect, such as the current business owner passing away or becoming incapacitated.
- Providing business owners with the full scale of additional estate planning services, including assistance with the drafting of wills, trusts, financial powers of attorney, and more. We can ensure that each facet of your estate plan is tied in with your business so your assets and legacy are preserved, both during your life and after your passing.
Contact an Arkansas Estate Planning Lawyer
The Knapp Law Firm prides itself on providing top-quality estate planning and business succession services to small business owners throughout the state of Kentucky. If you have any questions about how we can help your business, or you’d like to draft a business succession plan, please contact us today.