Minneapolis Business Succession Planning Lawyers Making Ownership Transitions Feel Seamless
Part of being a business owner is planning for your company’s future, including what you will do if you retire or choose to sell the business. Before you consider leaving your company, you should hire a lawyer to help with this process. After all, the decision will likely affect many people, including your family, employees, and clients. This is why getting every detail right from the beginning to end is essential.
At Metropolitan Law Group P.A., our business succession planning lawyers are experienced in helping business owners make significant changes in leadership. We understand how important your business is to you, so we’re here to help you preserve its legacy. Contact our Minneapolis law firm for a free consultation to learn more.
What Are Your Options for Transferring Ownership?
Whether you are retiring, changing careers, or are just ready to hand off your role in leadership to another qualified person, our Minnesota business succession planning lawyers can help. Over the years, our lawyers have guided business owners in selling or passing ownership to:
- Business partners
- Outside parties
If you are considering selling or passing down your business to someone else, whether now or in the future, make an appointment to talk to our Minneapolis attorneys today. We can walk you through every step of the business succession process so you have peace of mind when it begins.
What Is a Business Succession Plan?
Before you begin the transition of ownership, it’s recommended that you create a business succession plan that maps out the details. This will make it clear to your employees that you have considered all factors regarding the transition and that you’re committed to the company’s long-term success even after you’re no longer involved.
You can include any details you find important to your company when creating a business succession plan. But in general, most plans of this kind answer these questions:
- Is there are specific date or event after which you will transfer your business to someone else, such as if you retire or become disabled?
- Who would you consider selling or passing down your business to?
- What are the standard operating procedures that the new owner should know?
- What method will you use to determine the value of the business?
- How will the successor buy the business?
When you come to our law firm with questions about business succession planning, we can guide you as you create a plan, letting you know what details you may have missed and what guidelines Minnesota has in place. Contact our Minneapolis law offices today to get started.
What Method Will You Use to Transfer Ownership?
As you make a business succession plan, you should consider how the successor will purchase the business. One of the most common techniques is a purchase agreement, in which the person buying the company pays the current owner a fair amount based on the value of the business. This is usually the simplest option when there is one business owner.
When there are two or more owners, it may be easier for them to buy life insurance policies that are made payable to the other owners. This way, when one passes away, the surviving owner can use their life insurance payout to buy out the partner’s share after their death. A lawyer will help you decide if this is the optimal way to transfer ownership or if there is a better option for you.
How Can a Business Succession Planning Lawyer Assist You?
Whether you are thinking far ahead to the future and need to make a business succession plan now or are ready to sell your company soon, come to our Minneapolis law firm for legal guidance. Our lawyers can help determine the right way to transfer ownership and calculate your company’s value, and we can answer any questions you have while creating a business succession plan.
If you are ready to start preparing for the day you sell your business, come to Metropolitan Law Group P.A. for legal support. Contact us at 612-448-9653 to set up an initial consultation with our lawyers.