Like the old adage, “Nothing is certain except death and taxes,” all business owners, at some point in time, will exit their business — sometimes intentionally (to retire and pursue their next adventure), sometimes unexpectedly (due to death, disability, divorce or, in some cases, financial distress). It is not a question of “if” but “when” the business transition occurs. READ MORE
Every business owner should have a business transition plan in place, and that is true regardless of the age and stage of the business and its owner(s). Very few actually do. Failure to have a business transition plan can have severe financial consequences, risking the wealth that the business owner has worked a lifetime to accumulate and jeopardizing the legacy left to future generations and employees.
Lane Powell’s Business Transitions Team understands the importance of having a comprehensive business transition plan and has the experience to guide the business owner through the process. Whether you are running a successful business and cannot imagine doing anything else for the next twenty years, or are on the cusp of retirement and need the liquidity tied up in the business to fund your retirement dreams, a well-designed business transition plan will provide you with a road map to achieve your business and personal goals on a timeline and in a manner of your choosing. At Lane Powell, we make it our business to ensure our clients are prepared whenever they face a business transition.
Our team of qualified business transition attorneys possess the knowledge and experience necessary to help guide you and your business toward a successful outcome on your terms and at the time of your choosing. We will work with you and your team of advisors to ask and answer all the questions relevant to the transition of your business, and develop a plan to maximize its value and achieve your business and personal financial goals.
Navigating and planning for business transition can be a complex and time consuming process (one of the many reasons that few business owners have robust transition plans). We streamline the process by partnering with our experienced and vetted team of professionals who have all the skills needed to help you create and implement a successful business transition plan. In addition to legal counsel, successful business transition plans draw on the expertise of an interdisciplinary team of specialists, which often include:
To facilitate the process and make things easier for the business owner, we have established relationships with all of the professional advisors needed to create and implement a business transaction plan, or we can work with your existing team of advisors.
While the planning process does not lend itself to one-size-fits-all (due to the many variables involved and motivations of business owners that vary widely based on personal circumstances, motivations and other factors), all business transition plans require consideration of at least the following components:
Our Business Transitions Team is ready to help you take control of the planning process and develop a business transition plan that gives you peace of mind knowing you are well prepared to handle any transition scenario.
Before proceeding, please note: If you are not a current client of Lane Powell PC, please do not include any information in this email that you or someone else considers to be confidential or secret in nature. Prior to the establishment of a lawyer-client relationship, unsolicited emails from non-clients containing confidential or secret information cannot be protected from disclosure.