If you are starting or restructuring a business, you will no doubt want to know how to get through the process with as few problems as possible. At Ric Blackwell Law, we help business owners of all ages with the creation and operation of companies that generate millions of dollars in revenues. We have particular expertise working with technology companies. We advise our clients on any issues that arise in the course of managing the business, including business formation and organization, corporate structure, partnerships, financial planning, negotiations, mergers and acquisitions, and liability issues, helping them to understand potential risks and make the decisions that are best for their companies.
Many factors determine whether a succession plan is necessary, and sometimes the logical and easy choice will be to simply sell the business lock, stock and barrel. However, many owners prefer the thought of their businesses continuing on even after they’re gone.
Choosing a successor can be as easy as appointing a family member or assistant to take the owner’s place. However, there may be several partners or family members from which the owner will have to choose — each with a number of strengths and weaknesses to be considered. In this case, a lasting resentment by those who were not chosen may happen, regardless of what choice is ultimately made. Partners who do not need or want a successor may simply sell their portion of the business to the other partners of the business in a buy-sell agreement.