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Business Succession Planning

Atlanta Business Succession Planning Lawyer

Helping Business Leaders Protect Their Interests

Succession planning prepares a business for every eventuality so that operation can continue to operate in case tragedy strikes, such as the death, retirement, illness, or incapacity of a key member of the leadership team. A business succession plan is a legal strategy to pass on the leadership roles in a company to ensure the enterprise transitions smoothly.

Planning to Ensure Business Survival

A business succession plan involves planning for the future by evaluating the candidates as potential replacements for key players upon retirement, disability, or death. Every business succession plan is entirely unique and may involve transferring ownership to a co-owner, heir, key employee, outside party, or distributing ownership to the remaining owners.

Succession Plans for Family-Owned Businesses

Family-owned businesses should have a succession plan in place to avoid certain pitfalls that could damage or destroy the operation. For example, succession planning can be used to address potential stock ownership of a spouse if a family member is divorced or dies.

If you're planning to pass ownership of your business, several issues should be evaluated:

  • Determine which family member will take the reins.
  • Ensure written instructions are in place on which family member will take over.
  • Determine how your other heirs will be compensated.
  • Create a buy-sell agreement that can allow any heir who is not interested in the business to sell their shares back to family members who are involved.

Succession Plans for Large Corporations

For larger corporations, a business succession plan involves hiring, training, and identifying candidates that can rise through the ranks, along with grooming them for executive positions in the future, a powerful strategy for retaining top talent.

Atlanta Business Succession Planning

A business can fail when a key employee retires, quits, becomes seriously ill, or dies. Putting a plan in place with this eventuality in mind is critical to the continued success of your enterprise.

Call (678) 257-3332 today to discuss succession planning with our team of professionals!

 

Why Choose Meyring Law Firm?

  • Lifetime Support
    Our legal help is not a 'one and done' deal. Your future legalities are encompassed in these documents that need to be constantly updated. We are here to provide you with lifetime support.
  • Affordable Fees
    We have an initial document prep fee that will give you access to our attorneys through phone, email or any other medium without being charged extra.
  • Straightforward Guidance
    Our goal is to provide you with guidance you can understand and trust. We want you to feel secure and supported every step of the way.
  • Phone Evaluations

    We offer phone evaluations to help clients find the right path forward. We treat no two cases the same, setting our customer service apart from the rest.

Frequently Asked Questions

Here to Help Every Step of the Way
  • What does “heir” mean?
    An heir is one or more of the nearest living relatives of the deceased person at the time of death. Sometimes the heir is only the surviving spouse or child. Other times the heirs are any number of siblings, nephews and nieces, or cousins.
  • What happens if a will is not probated?
    In Georgia, there is a legal mandate for the holder of a will to submit it to the court for probate per O.C.G.A. § 53-5-5. If a will is not filed with the court, any heir or beneficiary can petition the court to direct the will holder to file the will with the proper court. Wills are meant to be public documents once the grantor has passed away. Sometimes if a will is not filed with the court, beneficiaries and heirs cannot take legal possession of assets specified in the Last Will and Testament.
  • How long does it take to receive an inheritance? When can I get what was willed to me?
    The probate attorney can accurately answer how long it would take to receive an inheritance from an estate that has no will. The experienced attorney can estimate the time it would take to receive a gift from the decedent's will or trust.
  • What does “executor” mean?
    Executor is the person named in the last will and testament that's appointed by the probate court to administer the estate of the decedent according to the will.

Allow Us to Take Care of Your Future Contact Our Atlanta Estate Planning Law Firm Today