Business Succession Planning

How to keep your business in the family

No company can survive without an able owner or manager at the helm. Make a succession plan today.

Without a Planconference-room-768441_1920

If you do not have a succession plan in place, your stake in the company is either passed on to relatives as part of the estate, absorbed by other shareholders, or a combination of the two. In family-owned businesses, this often leads to disputes between siblings and other relatives. Those more active in the day-to-day operations of the business may feel entitled to larger shares than others who are less involved.

Without prior planning, remaining shareholders may not have sufficient resources needed to purchase the shares of the exiting or deceased shareholder. Furthermore, if the exiting shareholder had a management duty, their replacement may not be equipped to take over the role.

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 With a Plan

An efficient succession plan facilitates a smooth transition. To do so, we often like to consult the shareholders and other family members to understand the goals for the future of the company.  If a disagreement or misunderstanding exists with how the business will run in your absence, we can address this while you are in control and develop a stronger plan.

The succession plan allows the owner the flexibility to:

  • Keep the business or shares within the family.
  • Offer shareholders or vital employees a larger stake in the company.
  • Address issues related to your estate plan.
  • Preserve “institutional memory” when you or other current managers are no longer running the show.
  • Establish measures to ensure the business has enough cash flow to pay taxes or buy out a deceased owner’s share of the company.

With so many factors to consider, it is important that you begin the process today.  We will work to understand your concerns and goals while identifying the interests at stake.   We can then craft a plan that achieves your goals, protects your family and company and continues the legacy you've developed over your lifetime.

 

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Succession Planning

Your family-owned business is not just one of your most significant assets, it is also your legacy. You’ve worked very hard over your lifetime to build your family-owned enterprise. However, there comes a time to focus your priorities on ensuring a smooth transition that preserves your legacy – and your investment – for generations to come.

Testimonials

Mr. Rasmussen made things simple. He prepared an excellent trust/will for my fathers estate that saved me a lot of headaches and frustration when my father passed away. He was very knowledgeable and professional during the whole process. I would definitely recommend his company and services.

M.R.

I love working with Todd Rasmussen an Estate Planning Attorney. He was super easy to work with. My advice is to not wait until it is too late.

M. L.

He looked out for my best interest versus just treating me like a customer. I felt like family.

Y.G.

Estate Planning Kansas City did an outstanding job and provided a very valuable service to us. They assisted us in addressing very complex situations that can occur in a lifetime. This included but not limited to health care directives, provisions for managing estate during any temporary health issues and ensuring beneficiaries are of sound medical, mental and financial capacity prior to distribution of estate. Very happy with results and would HIGHLY recommend Estate Planning Kansas City Todd Rasmussen and his staff!

J.M.