Much like ourselves, many of our clients are small business owners. The nuanced law of partnerships and corporations makes it hard for some small business owners to decide what type of business entity they wish to operate under. There are many considerations when making this big decision, including tax and personal liability considerations. Our office works closely with our client’s accountant to help our client see the pros and cons of each type of business entity and make an informed decision on what is best for that client. Beyond the initial decision of what type of entity to operate, our office can assist with the initial formation of the business and ongoing keeping of corporate records. Furthermore, our office can sit down with clients and help them think through, and put into writing, a business plan that focuses on all facets of the new or existing business to develop a plan to be successful.
If you already have a successful business and your business plan is working for you, our office can still assist you with succession planning. Getting into business can be simple, but getting out when you are ready to retire is not always easy. We understand that an individual’s business is their baby. We have been building our business for over 25 years. It is important to have a plan to dispose of or transfer business interests either on retirement, or death. Succession planning is especially important when there is more than one owner of the company. Transferring interests at death could be especially complicated without some form of succession planning for the business. Business owners often state that without them, the business has no value. This is a flawed approach. The business has value, and you need to learn how to operate that business, so that it can run with or without you. You have spent most of your life building your business. You should maximize the value of that business for your family and loved ones.