Family-owned businesses play a vital role in the economy of Gwinnett County, the state of Georgia and the entire country. Many families devote their lives to building and maintaining an operation that they take great pride in. However, without proper planning, many businesses will not have the lasting impact their founders hope for.
At the ESTATE PLANNING LAW GROUP OF GEORGIA, James M. Miskell P.C., we understand how important your business is to you and your family, and we can help you protect it with effective business succession planning. Attorneys Jim Miskell and Vikki Clark have a combined 30 years of legal experience and are constantly monitoring the economic, political and legal climate for changes that may affect their clients. They can help you solidify a plan that ensures the long-term viability of your operation.
Helping You Find Answers To Difficult Questions
Business succession planning involves making difficult but important decisions about the future of your company. The process is not always comfortable, but it is necessary if you want your business to be successful after you are no longer involved. Some of the questions we will help you answer are:
- Who is best-suited to take over the business after you?
- Do you want your family, including your spouse, to be financially dependent or independent of the business?
- Do you want in-laws to be involved in the business?
- How do you want to protect your children who are not involved in your business?
Protecting Your Business With A Buy-Sell Agreement
A buy-sell agreement is a contract that allows for the transfer of a business upon certain events — such as the retirement, incapacitation or death of the owner. Having a buy-sell agreement in place protects your business by ensuring a smooth transfer of ownership. We will walk you through the various types of buy-sell agreements to determine if such a contract would support your long-term goals.