Succession Planning: Deciding The Future Of Your Business
Building a successful business is hard work and future decisions regarding your company should not be left to chance. Succession planning helps give you the power to decide on the future direction of your business. This may involve transitioning control to a key employee or a family member. It could also cover a sale or dissolution. Another alternative is to simply create a plan that will enable you to leave the business at a future date.
I am Mike Parham, an attorney in Memphis who provides comprehensive estate planning services. To learn more about business succession planning options in Tennessee, please call me at 901-617-1948 to schedule an initial consultation.
I can help you design a buy-sell agreement that will help deal with the complexities that can arise with shareholders of a closely held company. Events to consider when crafting a buy-sell agreement include:
- Death or incapacitation of a shareholder
- Divorce of a shareholder
- Bankruptcy of a shareholder
- Retirement of a shareholder
- Termination of a shareholder
- Business dispute among shareholders
- Sale of all or part of the company to a third party
When developing a business it is important to consider liquidity planning. Liquidity is your business’ ability to meet obligations with cash or other assets that can quickly be converted into cash. Liquidity refers to how easy it is for investors to convert their securities into cash and also refers to a corporation’s cash position, or whether the value of their current assets exceeds current liabilities. I can help with all liquidity planning issues.
Contact A Lawyer To Discuss Your Business’s Future
I can help serve as your legal counsel to ensure that your business is left how you see fit. To speak with me about planning for the future of your company, please call 901-617-1948 or contact me online to schedule an initial consultation.