Succession Planning
Succession Planning
Strategic Succession Planning in Tucson for Your Business
The business law attorneys at Farhang & Medcoff provide comprehensive legal guidance and services for business owners in Tucson and throughout Arizona. We’ll work closely with you to ensure that the business you’ve worked so hard to build will continue to thrive long after you decide it’s time to step away. For succession planning in Tucson that takes a holistic approach to your business and considers all possibilities, connect with our legal team today.
When to Begin the Process of Succession Planning
Succession planning is not something that can be covered in the span of one or two meetings. It can be a lengthy process that can take months or perhaps even a few years. The right time to start the process is now, even if you’ve only recently launched your business. In fact, some entrepreneurs begin the succession planning process before officially launching their businesses. For example, many start-ups are founded with the intent to increase valuation to the point where an acquisition by a major corporation is possible.
Even if you plan to manage and operate your business for many years to come, it’s never too early to put a succession plan in place. The future is never certain, and it’s not possible to predict whether you may suffer a major health crisis that could prevent you from continuing in your current role. Proactively prepare today so that your business will continue to thrive tomorrow. Note that your succession plan may change and evolve over time.
What to Consider When Conducting Succession Planning
You may decide to eventually transfer control of your company to a family member, a trusted employee, or a third-party purchasing company. No matter what your exit strategy entails, there are a number of issues to consider, including the following:
- Tax implications
- Appropriate business valuation
- A buy-sell agreement backed with life insurance
A transition to new ownership doesn’t only involve the legal transfer of assets. When you work with our attorneys, we’ll also ensure that you’re fully aware of all possible issues that may crop up. For example, will the new ownership continue to carry on your vision for your business? Will your successor be perceived as your true heir to the business by its employees and other executives? Our attorneys will ask the right questions that spark meaningful conversations about your succession plan.
Why Work With Farhang & Medcoff for Succession Planning in Tucson?
Many corporate law attorneys offer standard solutions for succession planning and other business-related matters. We don’t. Our attorneys take the time to develop a deep understanding of your business, your vision for the future, and your concerns. Only then do we develop strategic, forward-looking solutions that are uniquely crafted to your needs. When you choose to work with Farhang & Medcoff, you can rest assured that you will be treated with integrity, honesty, and professionalism.
Contact Us Today to Request a Consultation
The experienced business lawyers at Farhang & Medcoff look forward to meeting you and learning about your business. When you partner with our law firm for succession planning in Tucson, you’ll enjoy clear communication, transparency, and ethical legal guidance that enable you to steer your business with an eye toward enduring success. Contact us today to schedule a consultation.
