If you are starting to think about retirement, then it is also time to think about business succession.
You can try to tackle this on your own, but your best bet is enlisting the assistance of an experienced business succession attorney. He or she will have the background and skills to help you plan for the future, putting you and your business in the best position for a profitable and smooth transition when that time comes.
Exit strategy. Determining what will happen if and when you are no longer able to run your business is critical. Discuss various scenarios with your attorney. This process can help both of you evaluate all of the "if this, then that" scenarios.
These scenarios may include how you will leave the business at retirement, including whether you will wind-up the business, sell to an interested party, or pass it down to a member of your family. Also, remember to consider the consequences were you to be unexpectedly struck with a serious illness or injury. Your attorney can help you set up short-term protocols if your unexpected exit is of a shorter duration and other protocols should your absence be long-term or permanent.
Disability insurance. Disability insurance is an essential funding consideration to help keep the business and your family afloat should unexpected or unforeseen events alter your succession plans. In such instances, make sure you have the right kind and amount of disability income insurance to support you and your family. Also, key man disability insurance can help keep the business running without you.
Retirement and estate planning. If you have not done so, then now is the time to start a retirement plan. A comprehensive retirement plan typically includes tax-deferred investments (e.g., think 401K, SIMPLE Plans, etc.), after-tax savings vehicles, trusts, and all manner of assets designed to provide the greatest return on your hard work for a future retirement. Your estate planning attorney will have ideas uniquely tailored to your specific situation and will work in close coordination with your financial advisor. This teamwork is essential given the tax planning and beneficiary designations involved.
Are you mentoring your successor? Think about what makes a good "you" in your business. What does it take to run your business efficiently and effectively? Once you have identified those personal qualities and traits, then it is time to select a successor — the person you want to take over. Choose wisely.
Timeline. You and your attorney should develop a flexible, written timeline. While it need not be set in stone, you should know generally when you would like to retire and sell, close, or transition your company to a new owner.
Pick up the phone and call your attorney today, or send an email to him or her. Provide a copy of this article to start the process on solid footing.
What to do when my business is involved in a dispute that leads to business litigation?
Unfortunately, sometimes during the course of running your business, disputes may arise with other businesses or with members of your own business. When these disputes cannot be resolved with initial negotiations, there might arise a need for business litigation in a court of law. It is extremely important, for the sake of your business that you have worked so hard to develop, to handle business disputes and business litigation in an effective and productive manner.
It is important to have the right information and to begin planning out a business dispute for litigation as soon as possible. The earlier that business disputes are dealt with, the higher the likelihood of resolving the disputes becomes. Further, in the event that a dispute cannot be quickly resolved, early intervention allows for more effective business litigation strategy and a better overall plan for business litigation.
Whether you or your company are the defendant or the plaintiff in a lawsuit, you need experienced litigators who have worked on a wide variety of business and civil litigation cases. At Fedor, Camargo & Weston PLC, our attorneys are tough, experienced and skillful litigators who always strive for the best. Our experience ranges from straight-forward contract disputes to complex document-intensive litigation. We handle litigation matters between partners, as well as litigation matters against other businesses. Our attorneys have the knowledge and sophistication to handle any business dispute that arises in Michigan.
Experience with a full range of issues. Our attorneys have expertise in numerous areas of civil law and business litigation. We handle business litigation involving:
What to do. If you find yourself in the middle of a business dispute, it is imperative that you obtain counsel as soon as possible so as to best position yourself for potential business litigation. If you or your business have been sued, or cheated and need to sue another business or person, again, it is best to contact an attorney as soon as possible.
Mr. Weston really appreciates his clients and understands their specific needs. He is a great asset to have on your side.
Matt Fedor helped my family and I out with a very sensitive issue. His knowledge, compassion and willingness to listen made us feel confident that we were in the right hands.
When my business was served with a lawsuit, Mr. Camargo listened to my issues, filed the appropriate legal response and quickly achieved a great result.
Fedor, Camargo & Weston PLC serves clients throughout the state of Michigan. FCW is a full service Estate Planning Law Firm specializing in fundamental estate planning, wills & trust planning, powers of attorney, elder law, Medicaid application & qualification, long-term care planning, probate & estate administration, probate litigation, civil litigation, estate & trust litigation, Medicaid crisis planning, special needs & disability planning, veterans benefits, Aid & Attendance qualification, charitable planning, estate tax planning, business succession and sales, and asset protection. FCW serves individuals, families and business owners throughout the Birmingham, Bloomfield, and Troy, Michigan areas, and all throughout the state of Michigan. Google+