New Jersey Business Succession Lawyer
Business Succession and Transfer Planning
All too often, small business owners are simply too busy working in their business to devote adequate time to working on their business. This means that most small companies operate without the benefit of a succession plan. Little or no thought has been given to what happens if the owner and leader suddenly dies or becomes disabled.
Business succession plans prepare your company for the day when you are no longer running your company. Many small and family business owners are completely unprepared to hand the reins to someone else.
At Scott Counsel, P.C., we realize that business success planning doesn’t happen in a vacuum. For many of our clients, their small business is their largest asset. Many of them hope that their children or grandchildren will run the business, while others realize that no one in the next generation has the interest or talent for taking over. Part of business succession planning is talking our clients through how they envision the future of their company.
Our principal attorney, Justin L. Scott, assists small businesses, individuals and families throughout New Jersey and Pennsylvania in establishing business succession plans designed to ensure that the business would either continue or be sold in an orderly fashion should an unexpected crisis occur.
In the estate planning context, we offer a thorough review of key corporate and partnership documents, wills and trusts, insurance policies, deeds, contracts and any other pertinent paperwork.
We are happy to work with your existing financial team but are also in a position to connect you with other professionals.
Scott Counsel maintains close working relationships with skilled financial advisors, accountants, realtors and bankers dedicated to assisting our clients in reaching their ultimate goals. We also have strategic relationships with other lawyers with unique areas of expertise and can call on them if the need arises.
Attorney Scott has developed an appreciation of the human dynamics involved in intra-family matters. His personal involvement in a multi-generational farming operation laid the groundwork for an understanding of the unique issues that can bubble up. He has been inspired to develop creative solutions and works closely with each individual client in order to implement business succession plans in the most timely, sensitive and cost effective manner.
Scott Counsel also provides a full range of legal services relating to entity formation, organization, structure and sale. His unique approach to problem solving enables him to structure and close productive transactions. His reputation as a “deal maker” rather than a “deal breaker” is certainly justified.
Protecting the Value of Your Business
The lack of business success planning poses many problems for even the healthiest company:
- Without a succession plan, you could see your business pass to heirs who have no skill or interest in running a business.
- Even worse, your children could inherit the company equally, while only one child really knows the business well enough to run it. This can result in major disagreements which can lead to gridlock.
- Many businesses must liquidate because squabbling children cannot run the business effectively.
To protect the value of your life’s work, create a solid succession plan today.
Securing Your Retirement
Some owners are expecting to pass the baton to someone else while retaining an ownership stake so they can receive income in their golden years. Proper succession planning can ensure that you are financially secure in retirement. Some owners who fail to plan properly end up working much longer than they want.
Similarly, we can also help you sell the company if that is your goal. Selling is always a legitimate choice, but it requires close attention to legal requirements to maximize your value.
Insulating the Business from Divorce & Other Life Events
It is entirely possible that you can lose control of a business when one owner divorces or becomes too ill to manage their own affairs. Business equity, for example, is often classified as marital property. And the husband or wife of a co-owner could end up taking an ownership stake in a business they have never been involved in running.
Our lawyers can create buy-sell and other agreements to prevent ownership from falling into the hands of those with no knowledge of your business.
Harmonizing Estate Plans with Business Succession Plans
Many clients want to leave their business to the next generation, but this means harmonizing the succession plan with our client’s over-arching estate plan. For example, you might want to divide your estate equally but ensure only one child has power in the family business when you pass. We can make sure your estate plan accomplishes all your goals.
If you are like most small business owners, you probably haven’t reviewed your estate planning or corporate/partnership documents for a few years. There is no time like the present for a professional assessment of your situation. The legal team at Scott Counsel has helped many business owners strategize how they will exit their company. To begin, please call (856) 485-4585 or send us a message to schedule a meeting
– When my son, who has Cystic Fibrosis and CF related diabetes, was suddenly and unexpectedly removed from his Medicaid program, we were devastated and frightened not knowing where we would get the resources to pay for his extremely high priced prescriptions. Justin was the attorney who handled our case. From the very beginning, he proved to be very thorough and experienced with navigating the process of reversing the Medicaid decision. However, it was his apparent kind, caring nature that made us feel the most at ease. Justin was successful in securing a continuation of benefits for my son, and we are extremely grateful for having his expertise during this most stressful ongoing process. Thank you, Justin!
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