Raleigh Business Succession Planning Attorney
Setting You and Your Business Up for Success
Our Raleigh business succession planning lawyer at Oak City Estate Planning can work with you to create legally enforceable contingencies that will protect and facilitate the future success of your enterprise. When you spend the majority of your life building a successful business from the ground up, you need to take steps to ensure its continuance once you are gone.
In ideal circumstances, you will have time and control over your exit. You may choose to retire or elect to sell your stake in the venture. However, you may not necessarily get to choose when you no longer control your business. An unexpected injury or illness could leave you temporarily or permanently disabled or even end your life.
Were you to suddenly die or become unable to manage the business, what would happen to it? Is a clear leadership succession plan in place? Will your team have the tools to quickly adapt? Will your family be fairly compensated for your contributions to the company?
No one can predict the future, but you can proactively plan for a wide range of possibilities. Our Raleigh business succession planning lawyer can help you start building your business succession plan for an orderly and effective transition.
We can also work to ensure that your estate will receive financial compensation consistent with your stake in the business, lending you and your loved ones the critical support that you will need should you become disabled or pass away.
Schedule a free vision meeting with our Raleigh business succession lawyer to discuss your business succession options. Call (919) 975-5359 or contact us online.
Scenarios You Should Prepare for in Raleigh and North Carolina
Business succession planning can cover a wide range of scenarios. The practice is not limited to anticipating situations where you unexpectedly pass away.
Business succession planning can help prepare you for situations where:
- You become disabled
- You and your spouse divorce
- You choose to retire
- You suddenly pass away
A successful business succession plan will protect both the interests of your loved ones as well as those of the company. You will need to ensure mechanisms are in place to ensure you, your family, and your business’s leadership are set up for success.
Secure the Future of Your Business With Comprehensive Succession Planning
The long-term profitability and sustainability of your business depend on your ability to plan for succession. To guarantee a smooth transition and safeguard your legacy, our team of knowledgeable attorneys at Oak City Estate Planning can assist you in navigating the complexity of business succession planning.
Our comprehensive approach to business succession planning includes:
- Identifying potential successors
- Creating a clear plan for leadership transition
- Protecting the business from potential disruptions
- Minimizing tax implications
- Ensuring the continuity of the business's operations
With our expertise in business succession planning, we can help you anticipate and prepare for various scenarios, such as retirement, disability, or unexpected changes in ownership. Let us guide you through our simple process to create a customized plan that aligns with your business goals and safeguards your legacy.
Don't leave the future of your business to chance. Start planning with Oak City Estate Planning to secure a bright future for your business and loved ones.
Contact a qualified business succession lawyer near you in Raleigh at Oak City Estate Planning. Complete our online form or dial (919) 975-5359.
Ready To Protect Your Legacy
For many, protecting the future of a business you have helped create is not just about wealth preservation. Legacy is understandably important to many business owners, and our Raleigh business succession planning lawyer can give you the tools to assist your successors in maintaining and strengthening what you have built. At Oak City Estate Planning, we are invested in your long-term success and can work with you to explore all of the legal options available to you and your business. Our team can thoroughly evaluate every relevant detail of your company and provide individually tailored advice built on years of experience.
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My husband (46 years old) died suddenly in his sleep without warning. I was 6 months pregnant and had a 2-year-old and a 5-year-old. Planning for our deaths was not a seemingly urgent thing to do in our life phase. Once we became parents we knew how important it was to have a will and a trust so that our plans and hopes for our children could be fulfilled. But, as things often do, stopping for a moment to get this done just didn't happen. It was so much easier to keep kicking the can down the road and letting our future selves worry about that issue.- C.A.
In the grief of losing my husband, children's father, and family's provider there was also so much administrative burden to handle. Had we already had our will and our assets can figured as they should have been, so much fear, anxiety, and confusion could have been avoided.
Right after my husband's death, I contacted Lars and he helped me create a trust, will, and healthcare directive -- I wanted to have this in place before the birth of my third child. It gave me incredible piece of mind to know that my children would be provided for in the manner I would want it to be, as well as knowing I would eliminate my family from unnecessary administrative and financial burdens. And amazingly, it did not take more than a few hours of time!
I highly recommend everyone have a will, but particularly anyone with children or loved ones that will need care should you die. I learned the hard way that you don't plan ahead for the The things that are likely to happen, but for the things that may happen. Thank you Lars for giving me great peace of mind! -
Lars is great! He walked us through the process and made sure that we understood each step. He helped create new categories in the planning process that will ensure we provide our family a detailed outline of our wishes. Highly recommend him to anyone looking to start or continue their estate planning journey.- W.S
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My wife and I found working with Lars Kissling to be a productive and enlightening experience. His knowledge of estate planning is extensive. He patiently answered our questions and showed both concern and compassion about our own situation. We recommend Oak City Estate Planning. It is truly an investment in your family's future. I think Lars' services are needed by all, especially for families with small children or those with special needs. The end result is piece of mind going forward.- B.B
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- B.K.
My husband and I were very satisfied with the professional advice from Lars. He recently assisted us in updating our estate plan. He led us through a process that provided clarity on our goals for our plan. We would highly recommend Lars Kissling to others.
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“He was a great help to me and was very patient to explain all my options, many of which I did not know I had. He also helped me find financial planners which I desperately needed.”- Mary M.
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“The process was easy and we now have a robust estate plan that covers any and all eventualities, protecting both ourselves and our beneficiaries. We highly recommend Lars at Oak City Estate Planning, having done so with friends and colleagues.”- Phil B.
Our Simple 4-Step Process
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1IntroductionAfter signing up for a vision meeting, you will watch a video that provides an overview of estate planning.
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2VisionDuring this meeting, you will meet with Mr. Kissling and discuss your case and specific planning needs.
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3DesignThe second meeting with the attorney involves sitting with Mr. Kissling and actually putting your plan together.
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4SigningIn the third and final meeting, you will review the plan, tie up any loose ends, and sign your finalized plan.
Elements of a Successful Business Succession Plan in North Carolina
Any succession or exit has the potential to cause chaos in an otherwise functional company if the appropriate preparations are not made. The company will need to adapt to new leadership, sometimes without any notice, and manage the tax liability that comes with any transition.
The challenge of planning a business succession is it requires you to address and provide meaningful answers to difficult questions. It also acknowledges that tragedy can strike at practically any time.
Our Raleigh business succession planning attorney can help you answer these pivotal questions:
- Who will own the business? You will need to decide who will possess the controlling stake in the business once you exit the company. Choosing a new owner can be a both symbolic and practical decision: You should ideally select someone who has a strong familiarity with the business model and is committed to the venture’s continued success.
- Who will operate the business? In many cases, the owner of the controlling stake will also make both day-to-day and broad decisions about the business’s operations. In some cases, the individual or individuals who own the business and the person or persons who are chosen to continue to run it are different people. In either case, you will want to carefully consider the experience and capability of your anticipated leadership.
- How will the transition function? You should assume for sake of worst-case scenario planning that your exit might be abrupt. In that instance, the rest of your company’s personnel will have limited time to react and adjust to the new normal. Ideally, you will need to leave behind clear steps that will facilitate an orderly transition. You want to avoid situations where people are not clear on who is in charge.
- How will your estate be compensated for your contributions to the business? You have almost certainly put blood, sweat, and tears into the soul of your company. You may have even been responsible for building it from nothing. You deserve to be fairly compensated for your contributions and stake in the venture. Even if your exit is the result of your passing away or becoming incapacitated, your estate – and thereby your family – should still be rewarded.
- How can you reduce tax liability? No matter the reason, any company going through a transition of leadership is subject to some level of transitional taxes. Without proper planning, these taxes can be immense and can adversely impact both you (or your loved ones) and the company itself.
- How can you avoid other unintended consequences? The truth is that any exit is bound to cause disruptions, even if the transition is planned well in advance. You should do everything possible to mitigate how these consequences can affect you, your family, the company’s new leadership, its employees, and your clients.