Houston Business Succession Planning Attorney
Building a robust and profitable business takes years of hard work. If you’ve dedicated yourself to growing your business, you want to know that it will continue to thrive long after you’re no longer at the helm. Even if your retirement is still many years out, an accident or illness can abruptly throw a wrench in these plans. A sudden absence of leadership can do substantial harm to your corporation. If the continued success of your Texas family-held business is important to you, then it is critical to create a succession plan to ensure your business remains under the control of people you trust. If you need more assistance from a business succession planning attorney, contact our law offices today.
Texas business succession lawyers
If you want to create a succession plan for your business, you have numerous options. Discuss these options and learn which would best suit your personal goals by contacting the knowledgeable and experienced Houston business law attorneys at the Stephens | Domnitz | Meineke PLLC for a consultation. Our Texas succession planning lawyer will use decades of expertise in crafting a succession plan, allowing you to rest assured that your business will remain in good hands after it passes from your own.
Prevent infighting among family members with a detailed business succession plan
You may seek to keep your business in the family after you’re no longer in charge, but merely leaving the business to your family in your will may not provide enough detail or instruction to prevent disputes among your heirs over how your business should be run, and who should do the running. By working with the detail-oriented Houston business attorneys at the Stephens | Domnitz | Meineke PLLC, you can create a detailed succession plan designating successors for each role according to who is best suited for the task.
Have a plan in place that covers the details of a change in ownership
If you share ownership of your business with multiple partners, creating a buyout provision will offer certainty when one partner seeks to sell their share of the business. By creating a buyout agreement, you can set the terms of how a buyout will work and who may buy in to the business, as well as set a price or means of determining the buyout value for each partner. A buyout agreement can also establish that, should one partner pass away, a life insurance policy that names the company as a beneficiary will buy out their share, preventing the business from becoming mired in a protracted dispute over the partner’s estate.
Call Stephens | Domnitz | Meineke PLLC in Houston for Business Succession Advice from Your Attorneys
For seasoned and professional legal assistance in creating a business succession plan for your Texas corporation, contact the Houston offices of the Stephens | Domnitz | Meineke PLLC at 832-706-0244.