Texas Estate Planning for Business Owners | West & West, Greer & Estorga

Hire Our Firm for Help Protecting Your Company’s Future

As a Texas business owner, you’ve likely dedicated years of your life to building and growing a company you can be proud of. If your goal is to ensure it’s still running smoothly in a few years, you need to start planning for the future now with the help of an estate planning attorney. After all, there will come a day when you can no longer run the business, whether due to retirement, illness, or death. When this happens, your business could be in jeopardy unless you have a strategic plan to keep it operating without interruption.

This is why you should hire West & West, Greer & Estorga for business succession planning services. Our attorneys understand the importance of leaving a lasting legacy after you retire or pass away, so you can trust us to create a personalized plan for your unique business. Whether you’re running a small family-owned business or a growing company with business partners, we can provide the legal guidance you need. Call our San Antonio law office for a consultation with our skilled attorneys.

What Is a Business Succession Plan?

Business succession planning is the process of deciding what should happen to your company when you’re no longer able to operate it due to death, retirement, disability, or any other event that could separate you from your business. If you wish for your company to continue without you, you’ll need a succession plan that clearly identifies who you want to take over the business and how the transfer of ownership should occur.

When you create a business succession plan ahead of time, you’re minimizing the risks that may come from a sudden change in ownership. A strategic plan will not only identify who you wish to transfer ownership to, but also outline what kind of training they’ll need. Additionally, your plan should address any legal or financial conflicts that may arise during the transfer of ownership, such as determining business value and handling tax obligations. A skilled estate planning attorney can assist with these details, so call our law firm to get started.

How Can Business Succession Planning Benefit Texas Business Owners?

If you’re unsure if you need a plan for your business, learning about the potential risks of not having one may give you some perspective. In general, if you pass away, retire, or become incapacitated without a strategic plan for the future of your business, the following may occur:

Any business partners or family members who help you run the business may argue about who should own or manage the company, potentially damaging their relationships
Your business could end up in the hands of someone who has no experience or interest in operating it, such as a family member who inherits it through the probate process
Your customers and employees could lose trust in the business once they realize you’re no longer running it and did not plan for a smooth transition of leadership
Business operations may be interrupted if there is any uncertainty in who is supposed to be in charge, or if the appointed person was not properly trained on day-to-day tasks
The federal estate taxes could be much higher than usual without careful planning, which could affect the value of the business

Fortunately, proper planning for your business’s future can help you avoid these significant risks, which is why you should discuss your estate planning options with an experienced attorney. When it comes to estate planning for business owners, Texas entrepreneurs can count on our firm to determine how best to meet their specific needs. If you’re ready to learn which estate planning tactics will protect your small business, call our law firm to schedule a consultation.

What Estate Planning Documents Should Your Succession Plan Include?

Effective estate planning requires business owners and their attorneys to draft or update certain legal documents to ensure they’re clear and enforceable. Some of the most common documents included in business succession plans are:

Durable power of attorney, which appoints a trusted person to manage your financial and legal matters if you’re incapacitated
Buy-sell agreement, which states when the transfer of ownership may be initiated and the terms of the deal to abide by
Shareholder/operating agreement, which outlines the procedures and roles of those involved in the transfer
Business valuation, which determines the company’s financial value before the sale occurs

Hiring a skilled Texas attorney ensures that you have all the legal documents you need for the eventual transition of ownership. Forgetting or improperly completing any of the necessary documents could negatively affect your business assets, key employees, and family members, so it’s essential to get help from an experienced team that can guide you on the legal requirements. If you have questions about buy-sell agreements, estate taxes, asset protection strategies, and other details, contact our estate planning attorneys today.

How Can an Attorney Help with Succession Planning for Business Owners in Texas?

At West & West, Greer & Estorga, we realize how overwhelming estate planning can be, especially while trying to keep your business running smoothly. That’s why we urge you to let us handle the legal details of your business, from choosing the right business structure to deciding which asset protection strategies will be most effective for your company.

Whether you want family to take over your small business or are considering selling it upon retirement, our attorneys are here to help you formally and legally clarify your wishes to ensure you’re in control of your legacy. Call our law firm at 210-598-6482 if you’re ready to begin the strategic planning process with friendly, helpful attorneys.