Business Succession Attorney in Austin, Texas

I own a business. What do I need to know about business succession planning?

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00:04
yeah so business succession planning
00:06
gets
00:07
it’s very complicated because we have
00:09
many different types of businesses with
00:11
many different types of needs so
00:13
when i sit down with a business owner we
00:14
look at who’s going to control and
00:16
manage the business when it comes time
00:18
to pass it down
00:19
do we have a good person in place for
00:21
that position
00:22
how quickly is it going to transfer to
00:25
the family if that’s going to be the
00:26
case
00:27
sometimes it makes sense to make a a buy
00:30
sale agreement to make sure that it’s
00:32
crystal clear about
00:34
how we’re going to value the business
00:36
who we’re going to transfer it to
00:38
and who’s going to be in charge of all
00:39
of that usually we need a
00:41
pretty sophisticated person to be at the
00:44
helm and
00:44
able to successfully transfer it over
00:46
because it is a
00:48
it’s a big deal it’s usually a you know
00:51
patriarchal matriarch of the family
00:53
that has built the business from the
00:55
ground up and and knows it
00:57
very well and in order to successfully
01:00
transfer that
01:01
to a family member or or whoever they’ve
01:04
chosen
01:05
you really have to be organized from the
01:07
beginning
01:08
and have a clear plan in place in order
01:11
to successfully
01:12
transfer that down that’s what a good
01:14
business succession planner will do

Austin, TX estates planning & probate attorney Kyle Robbins explains what a business owner needs to know about business succession planning.

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