How Will You Pass Your Business To The Next Generation?
You have worked your entire career to building your business. You are now thinking about passing it to the next generation. But how should you go about this? There are numerous questions to answer. If you have multiple children, should you give your company to one child, or divide it? How do you go about valuing your business? How do you ensure that it remains successful in new hands?
At The Donovan Offices, we can address these questions and give you peace of mind about your company’s future. With more than 75 years’ combined experience, our firm has extensive experience working hand in hand with California business owners. We understand day-to-day issues and big-picture perspectives. We can help preserve the value of what you have built during the transfer to the next generation.
Why Create A Succession Plan?
Your family members are intelligent and hardworking, and you trust that they could run your business smoothly. So, why create a formal succession plan?
- Your plan can define your business’s goals, ensuring that your successors run the business as you would prefer.
- It can help preserve family harmony in the event of a dispute among your heirs.
- If necessary, it establishes an exit plan to protect your successors’ finances if they choose to stop running the company.
- A succession plan can identify and prevent weaknesses, making your business’s next iteration even stronger.
Talk About Succession With A Business Lawyer
Are you ready to discuss your questions and concerns about succession? Schedule a consultation with The Donovan Firm in Los Angeles. Our team can help you plan your company’s future, today. Call 213-629-4861 or send us a message online to schedule.