Comprehensive Succession Planning and Business Sale Oversight in Saratoga County
Succession planning and a business sale are critical aspects to ensure a smooth transfer of your company. Perhaps you’re retiring and wish to keep the business within the family, or are exploring a viable exit strategy that includes a disposition or merger. Whatever your goal upon stepping down from your professional role, Wood, Seward, & McGuire LLP can help you formulate a plan in writing. We ensure the succession is carried out in accordance with your wishes and not the whims of other board members or left to the court. If you sell, we help you formulate a sales plan that satisfies both buyer and seller contingencies.
Planning a Business Succession
Identifying a successor seems fairly straightforward, but it’s quite complex with financial, operational, and even emotional pitfalls. Succession planning must be extremely well-conceived much like planning an estate. In the absence of a plan or a poorly written one, your business is vulnerable to internal dispute and infighting, especially when it’s in the middle of a major management change. During a consultation, one of our experienced lawyers will have a one-on-one session with you. Together, you and the assigned attorney will craft a succession plan that:
- Identifies goals before, during, and after the succession, including the successor’s goals
- Includes a comprehensive timeline and phases of how the succession will take place
- Includes a list of resources for the transition, including financial/insurance documents, business title deeds, merger agreements, etc.
- Includes a communication and notification strategy with stakeholders
Selling a Business
Instead of a succession, business owners may opt to sell the business to a third-party entity. This process is far more sophisticated than selling a private property like a car. With a business, there are often intangible assets involved, such as partnership interests, limited liability interests, or corporate formations. We also take a measured approach when factoring due diligence into the sale agreement or asset purchase agreement. Due diligence is a vital element where the owner or buyer conducts an investigation into the business to be sure it’s free of legal and financial woes. It ensures the business is “clean” come time for the sale and transfer. We include a detailed due diligence plan in writing.
Let Us Help with Your Succession Planning or Business Sale in Southern Adirondacks
Handing over or selling a business is not unlike a private property transfer. However, there is an added layer of complexity due to the investments, employees, partners, and stakeholders involved. When you contact Wood, Seward, & McGuire LLP for assistance, we don’t treat you like a profitable numerical figure. Your designated attorney will spend as much time with you as you need to be sure the succession planning or sales document is crafted to meet your specific goals and wishes.
Full-Scale Succession Planning and Business Sale Arrangement in Saratoga County, Southern Adirondacks & Capitol Region
Representing clients in Albany, Capitol Region, Essex County, Fulton County, Greene County, Hamilton County, Montgomery County, North Country, Rensselaer County, Saratoga County, Schenectady County, Southern Adirondacks, Warren County, Washington County.