23041 Mill Creek Drive
Laguna Hills, CA 92653
Phone: (949) 855-
Fax: (949) 380-
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Beck & Christian, APC
Should the unexpected take place, a comprehensive business succession plan should set forth a clear and concise roadmap to enable the company to continue with normal operating procedures seamlessly.
However, absent the existence of a business succession plan, your company becomes vulnerable to costly and extensive litigation that could result in its dissolution and financial insolvency. Litigation may arise as the result of confusion over who should take over running the business and future operations. Litigation may take place between partners and family members who have differing opinions about the company’s future, or amongst the family members themselves.
Family relationships often become strained and arguments over who should run the business and how it should be run may lead to litigation and the permanent severance of ties within the family itself.
Failure to have a skilled attorney who does not possess an in-
By taking a proactive stance and retaining an experienced lawyer to draft your business succession plan, you are drastically reducing the likelihood that your company will have to close its door because of tax issues or litigation between the involved parties.
Please call Beck & Christian at (949) 855-
Contact us to learn how our seasoned lawyers can put their experience to work for you, and help ensure that your company will exist for future generations.
The simple answer is no – you should never attempt to draft your own business succession plan.
Because there are several highly complex issues pertaining to Business Law, Estate Planning and Tax Laws, it is imperative that you do not attempt to do this without the guidance and experience of exceptionally experienced lawyers.
While there are countless books, articles and websites that provide instruction detailing how to draft a business succession plan, doing so could wreak havoc on your company and bankrupt both the business and your family.
At Beck & Christian, our lawyers possess extensive experience with business succession planning and know how to incorporate tax strategies designed to protect your business from outrageously high local, state and federal tax liabilities. A Board Certified Expert in Estate Planning Law and Tax Law, Attorney Greg Beck has been successfully helping clients in Laguna Hills and throughout Southern California for more than 40 years.
Our skilled, highly knowledgeable lawyers understand the intricacies of Estate Planning and Taxation, and how they impact business succession planning. We also understand the ramifications of individuals attempting to draft a business plan on their own, and they typically result in financial ruin and the dissolution of the business.
If you are a small business owner or oversee a closely held company, you want to take every step possible to guarantee that your company remains a going concern beyond your leadership.
Please contact an attorney at Beck & Christian today by phone at (949) 855-
In order to safeguard your company’s future and protect both business and family assets, an enforceable business succession plan should be highly detailed and take a number of factors into account.
Additionally, it should include the following:
Whether you are a new business owner or have been in business for years, a well-
The best time to set up a business succession plan is during the business formation process. By drafting a comprehensive succession plan as soon as possible, you vastly reduce the likelihood of the business dissolving and help ensure a smooth transfer of ownership and power.
Because life is unpredictable, having a business succession plan in place from the formation stage provides peace of mind because it sets forth how the business will be operated and structured should the unexpected take place.
Unfortunately, many business owners fail to execute a succession plan due to the belief that retirement won’t take place for years, if not decades. This approach may cause significant harm, resulting in a disastrous outcome for the company, other partners if applicable, and family members who are either involved in day to day operations or have a financial stake in the business.
Therefore, it is essential that you begin working closely with an experienced and skilled Business Succession Planning attorney immediately. Creating a comprehensive succession plan with an eye towards the future is a strategic part of business ownership that should be addressed upon formation.
For answers to all of your business succession planning questions, please contact Laguna Hills Attorneys Beck & Christian online or by calling (949) 855-
While it is important for all businesses to have a succession plan in place, it is especially crucial when dealing with small, family-
Failure to have an enforceable, comprehensive business succession plan in place should the owner retire, or the unexpected take place, may result in numerous problems and disputes that may cause the company’s demise and shattered relationships amongst family members.
If there are additional owners involved, the lack of a succession plan more often than not typically results in disputes that will negatively impact the company’s future viability. Without a formal arrangement in place beforehand, events could take place that would thoroughly deplete your company’s assets, leaving it insolvent.
Additionally, due to complex taxation issues, you run the risk of the business being lost due to high estate taxes. When drafted properly, all of these issues can be avoided thereby allowing for a seamless transition of ownership, allowing the business to continue successful operations.
For additional information about creating a comprehensive business succession plan, please contact an attorney at Beck & Christian who is a Board Certified Expert in both Estate Planning and Tax Law. Call (949) 855-
A Business Succession Plan is an Estate Planning tool that is utilized to determine how a family business or closely held company should continue operations if the company owner retires, becomes either mentally or physically incapacitated, or passes away.
In these situations, the succession plan will set forth who will take over daily business operating procedures, transfer ownership, or set forth procedures and guidelines for sale of the business.
If the business has multiple owners, a business success plan may be used to determine whether the other owners are going to purchase the retired, incapacitated or deceased’s interest in the company, and if so, how the funds will be disbursed.
Additionally, a well-
The primary goal is to set forth guidelines that will allow the company to continue normal business operations during a transitional period, while simultaneously benefiting the individuals involved as well as safeguarding the company. They are designed to reduce the likelihood of in-
Finally, the succession plan should clearly lay out conflict resolution solutions should in-
The information contained herein is provided for informational purposes only, and is not intended to serve as legal advice. You should not act or fail to act based on the information on this website. This website contains general information only, and may not reflect recent changes to the law. All cases differ – please contact an attorney in your area to get legal advice as it pertains to your case. Attorneys Gregory Beck and Stephen Christian are licensed to practice law in the State of California.
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