Family Lawyers Advising Business Owners on Succession Planning
If you are an entrepreneur or own a family business you should have a succession plan in place to ensure a continuous transition of the business in the event of your retirement, a long-term illness, an accident, or death. Neglecting this important planning step can leave your business open to risk and financial loss and can make its ongoing success a challenge.
At Gelman & Associates, we can help you craft a well-thought-out succession plan that can limit future conflicts such as fights for ownership, leadership, or control of your company, and other issues that may arise when unfortunate circumstances arise. Our lawyers strive to make our clients feel empowered to make informed decisions. We get to know you and your business, in order to understand your short and long term goals and concerns. We will work tirelessly to deliver the best results possible and ensure the continued success of your venture.
Why Is Succession Planning Important?
It is important to create a succession plan that addresses both your personal and business goals and objectives.
A well-drafted and up to date succession plan will ensure that the transfer of your business will be seamless, and will help you to:
- Maintain good relationships with employees, business partners, suppliers, and other relevant stakeholders;
- Provide financial security for your family, shareholders, and others;
- Maximize your company’s value;
- Maintain your legacy.
Factors to Consider
There are many financial, legal, and tax implications when planning for the future of your business. Proactive planning for all possible outcomes will require both preparing your business for potential separation or divorce, but also comprehensive estate planning, including wills or family trusts. When planning for the future, there are many issues to consider, such as:
- Providing an income to your children and other family members;
- Power of attorney; and
- Tax considerations.
At Gelman & Associates, we understand the unique concerns of business owners, and help them prepare for the future. We provide you with the information you need to identify and mitigate risk, provide for your loved ones, and guarantee your legacy. With our help you can achieve peace of mind.
Contact our Family Law Lawyers in Aurora, Barrie, Downtown Toronto, Mississauga, North York and Scarborough for Advice on Succession Planning
Proactive planning is the key to continued success of your business. At Gelman & Associates, our team of knowledgeable family lawyers can advise you how you can best protect your family business from future uncertainty. With our forward-thinking guidance you can prepare for all eventualities. We have offices conveniently located across Ontario and our phone lines are open Monday to Friday from 8 AM to 8 PM. Call us at (416) 736-0200 or 1-844-736-0200 or contact us online to see how we can help.