When someone is at the helm of a business, the reality is that they cannot work forever. When this time comes, it is critical that there is a plan in place so that the transition from one leader to another goes as smoothly as possible. The experienced business succession planning attorneys of English, Lucas, Priest & Owsley understand what is needed to execute a successful transition. We have a strong track record when it comes to working with businesses of all sizes as they go through the important process of planning succession.
Our experienced Kentucky business succession planning lawyers work closely with our clients when it comes to developing a comprehensive succession plan that is tailored to meet their specific needs. Whether someone is planning to transition their business from one generation to another or they are looking to sell their company to a prospective buyer, our business succession team combines decades of experience to help ensure an efficient transaction.
The experienced business succession planning lawyers of English, Lucas, Priest & Owsley understand what goes into a smooth transition. As part of helping clients develop an effective succession plan, our team works to ensure that the most critical aspects of a business transition are accounted for in the process. This includes identifying who will be at the head of the business when the transition takes place and what roles need to be filled at the business at that time. We work with our clients to evaluate existing resources, identify and manage potential risks, and develop contingency plans as well as an exit strategy.
For our clients who are looking to sell their business, we help them understand the valuation of their company and provide counsel on what steps they need to take when preparing to sell their business. We help our clients with every critical aspect of the selling process, from helping them draft the necessary contracts for the sale to evaluating the insurance implications of the transactions. Additionally, our experienced business succession planning attorneys also provide clients with counsel related to the different tax matters associated with their transactions. When someone transitions business ownership from one party to another, there are a number of tax considerations that need to be closely examined. From identifying potential consequences to finding ways to alleviate the tax burden, our attorneys leverage their experience to help limit their clients tax exposure as much as they possibly can.
Transitioning business ownership may seem like a daunting process that has many moving parts. However, consulting with an experienced business succession attorney can help the process go much more smoothly while helping eliminate any potential issues that may arise down the road.