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23041 Mill Creek Drive

Laguna Hills, CA 92653


Phone: (949) 855-9250

Fax: (949) 380-1128

email: gbeck@beck-christian.com

Making a difference, one client at a time.

Contact Laguna Hills Attorneys Beck & Christian

Beck & Christian, APC

If you are a business owner, it is imperative that you plan for the future to protect both the viability of your business and your family's financial security. At the Law Offices of Beck & Christian, our expert Laguna Hills Estate Planning Attorneys in Orange County, CA possess extensive experience crafting customized Business Succession plans. Whether you own a small family business or have established a closely held company, we can guide you through the process seamlessly.

Attorney Gregory Beck has been practicing law for more than 40 years and is a California State Board Certified Expert in both Estate Planning and Taxation. Attorney Stephen Christian has been in practice since 1993, and is a member of the California Lawyer’s Association’s Estate and Taxation sections. At the Law Offices of Beck & Christian, our expertise in both areas of the law allow us to provide the highest level of legal counsel and representation.

Please contact Beck & Christian at (949) 855-9250 to schedule an appointment for a consultation with one of the region’s leading Business Succession and Estate Planning Law Firms.

Why Do I Need a Business Succession Plan?

Establishing a successful Business Succession Plan is a crucial part of business ownership. Doing so ensures continuity with respect to normal operating procedures should you become incapacitated, either physically or mentally, or pass away. It also sets in place preventative measures to avoid family infighting over company control, thereby lessening the likelihood of litigation and potentially having to file for Bankruptcy protection.

There are numerous complicated legal issues that Business Succession Plans must address, as well as highly intricate tax implications. Each business is unique, and you need a plan that incorporates the needs of the company while simultaneously protecting its assets.

When working with clients to craft a Business Succession Plan that reflects your goals and the needs of your company, it is essential to determine who is best suited to take over different positions and the responsibilities that they carry within your company. Part of this process includes undertaking a realistic and in-depth examination of your family’s dynamics. Careful consideration and intelligent decision making should result in choosing individuals who have the ability to work well together to fill crucial roles within the business. Doing so prior to any unexpected events taking place greatly minimizes the potential for future litigation and possible dissolution of the business.

Business Succession Plans must also take into account complex tax issues that could have devastating implications for both your business and family if they are not properly addressed in the controlling documents. When you retain our services to execute a comprehensive Business Succession Plan, our seasoned experts will work closely with you to obtain an in-depth understanding of your company’s finances to lessen any overall tax liabilities and prevent penalties.

What Should a Business Succession Plan Include?

A well-crafted Business Succession Plan should clearly set forth the following:

Prior to devising your Business Succession Plan, we will thoroughly explain all of the potential legal and taxation ramifications. Our attorneys will work diligently to make certain that you possess the knowledge necessary to make the best decisions about how your company should be managed, who should take over various executive and managerial roles, and whether any changes need to be made to the business’s structuring to provide the highest level of financial protection regarding your tax liabilities.

When Should You Establish a Business Succession Plan?

Because life is unpredictable, setting up a Business Succession Plan should take place as soon as possible after launching your new company. Taking preemptive measures from the outset provides greater stability and security. Revisions should be made to your Succession Plan as the company grows and as your family changes. It is vital to make sure that your Succession Plan is updated regularly. Otherwise, should an unexpected event take place, you may find that it’s too late to enact changes and your business may suffer as a result.

Whether you are a new business owner or have been successfully operating your own company for a lengthy period of time, it is essential that you seek the advice of counsel to draft a comprehensive Business Succession Plan to act as a safeguard for your family’s future should something devastating happen.

Contact Orange County CA Business Succession Lawyers Beck & Christian

Please contact Beck & Christian at (949) 855-9250 to schedule a consultation with an Estate Planning and Tax Specialist to discuss your Business Succession issues. We will meet with you for a comprehensive, in-office consultation, during which we will provide you with the highest quality legal counsel. Protecting and preserving our clients’ interests for more than 40 years, at Beck & Christian we understand the importance of having a detailed and enforceable Business Succession Plan in place. Call today to learn how we can put our expertise to work to safeguard both your company and your family’s futures. Conveniently located in Laguna Hills, we proudly represent clients throughout Southern California.

Business Succession Information

Disclaimer:

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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The Law Offices of Beck & Christian – Business Succession Plan FAQs


1. What is a Business Succession Plan?

A Business Succession Plan is an Estate Planning Tool that’s designed to determine how a business, generally a family business or closely held business, will be operated or dissolved upon the incapacitation or death of the founder.

2. Why do I need a Business Succession Plan?

There are numerous, highly complex issues that may arise upon the death or incapacitation of the individual in charge of running and operating a business. Business Succession Plans serve to minimize costly litigation by designating who and how a business will be run once the individual in charge is no longer able to carry out his or her duties. A comprehensive Business Succession Plan should also include how the business pays state and federal taxes, and under which circumstances the business should ultimately be dissolved.

3. What should my Business Succession Plan include?

Business Succession Plans should set forth detailed information ranging from who should take over daily operations on either a temporary or permanent basis, to how the business and/or individuals will be taxed based upon the type of entity formed. Additionally, a comprehensive Business Succession Plan should also include detailed instructions for dissolving the business and strategies for conflict resolution between feuding parties of interest.

4. Can I draw up my own Business Succession Plan?

Due to the complex nature of both Estate Planning and Taxation, we highly advise against trying to draft your own Business Succession Plan. A skilled lawyer from Beck & Christian will meet with you to obtain an in-depth understanding of your company, determine the issues most relevant to your situation, and ascertain areas of potential conflict. Based on this information, we will devise a Succession Plan focused on protecting every aspect of your business in case of incapacity or death.

5. When should I have a Business Succession Plan drafted?

Failure to institute a comprehensive, well-drafted plan that clearly outlines exactly who will be in charge of managing various aspects of the business and how the company will either continue to be run or dissolved virtually guarantees that litigation will occur. Therefore, it is important to have an enforceable Business Succession Plan in place as soon as your company is up and running.

6. How can a Business Succession Plan protect my company from litigation?

Business Succession Plans are created to set forth a path for your company to continue normal operating procedures under the most stressful of circumstances. A highly detailed Succession Plan can prevent litigation by clearly outlining who will be in charge of business management, how any management or directorial transitions shall be carried out, and how conflicts between interested parties are to be resolved. Without these procedures in place, families and business partners who are at odds with one another are more likely to end up litigating their issues in court.

Contact Laguna Hills Business Succession Attorneys Beck & Christian

In practice for more than 40 years, Attorney Greg Beck is a Board Certified Expert in both Estate Planning Law and Tax Law. Attorney Stephen Christian has been practicing law since 1993, and is a member of the California Lawyer’s Association Estate Planning Section and Tax Law Section. Contact us at (949) 855-9250 to schedule a consultation.