Because our firm is composed of both Charleston estate planning attorneys and Charleston corporate lawyers, we have an intimate understanding of the extensive time and hard work our clients put into building their professional careers and businesses. Our Charleston estate planning lawyers provide legal counsel to our clients in business succession planning to ensure the long-term continuation of their business through an exploration of the various business succession options, including: buy-sell agreements, transferring ownership, business reorganization or business liquidation.
Most successful businesses are often owned and controlled by family members – husband, wife, son, daughter, and extended family. These small family owned businesses create numerous estate planning challenges, especially when planning for succession of the business. Business succession which addressed control or management is often a critically important and often highly emotional process for family members. Frequently, these transitions are caused by the withdrawal or death of family members of the senior family generation. These transitions, if not carefully planned and thoughtfully handled, can be extremely damaging to the family and its business as an ongoing concern. For these reasons, it cannot be overstated the importance business succession planning.
An Overview of Business Succession Planning
Just as no two businesses are the same, every business succession planning concern is also unique. Our estate planning attorneys establish a business succession plan that is responsive to the rapid changes of the corporate world– which can be sometimes sudden and often, at times. Our attorneys work side by side our corporate clients to map their specific objectives and present concerns to develop creative and dynamic business succession planning solutions.