This is a plan developed by a company to appoint, identify and develop new leaders who will replace old leaders when they leave, retire or die. The plan is developed by a company to detail how the owner will transition over a period of time out of the company’s day-to-day operations.
Succession planning is to potentially transfer the owner’s role internally to a family member already employed in the business or a member of the existing management team.
Business Planning
1. Selection and Formation of the most Suitable Entity for your Business:
If you require assistance in selecting or forming a business entity that best suits your needs, whether that entity be a Corporation, Partnership, or Limited Liability Company, we can advise you and provide the services necessary to form the appropriate entity for your business.
2. Drafting and Structuring an Operating/Partnership/Shareholders Agreement tailored to your Business:
If your business needs an Operating, Partnership or Shareholders Agreement that is tailored to meet the specific needs of your business, then we can work with you to develop, draft, and execute the appropriate agreement to suit the needs of your business.
3. Drafting and Negotiating Buy-Sell Agreements:
If your business needs a buy-sell agreement to set forth the procedures upon the death, disability, or retirement of an owner, in order to provide for a smooth transition of the business in all phases to the remaining or new owner(s), than we can counsel, negotiate, and draft a buy-sell agreement that meets your business’ needs.
4. Advice and Consultation on your Business’ Existing Structure and Plan:
Do you own a business and have already formed an entity, or executed an operating agreement or buy-sell agreement, but you are not sure whether the plan that you put in action is appropriate for your business’ needs? If so, we can review and consult with you regarding your plan, and change the existing plan to meet the needs of your business if necessary. If you are a Business Owner and you have questions regarding your business, call us to schedule an appointment to get the answers you need.
Buy Sell
A buy–sell agreement, also known as a buyout agreement, is a legally binding
agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business.
Stock Redemption
A stock redemption, type of buy/sell agreement, is a contractual arrangement between the shareholders and the closely held corporation. In that agreement, the closely held corporation is obligated to redeem the shares of the deceased or disabled shareholder. This is typically funded with life insurance providing the company with liquidity to purchase the shares of the deceased or departing owner.
Cross Purchase Agreement
A cross-purchase agreement is a document that allows a company’s partners or other shareholders to purchase the interest or shares of a partner who dies, becomes incapacitated or retires. A cross-purchase agreement is used in business continuation planning.
Contact
Need help? Call us
2310 Genesee St.
Utica, NY 13502
