Business Succession Attorney in Austin, Texas
I own a business. What do I need to know about business succession planning?
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
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gets
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it’s very complicated because we have
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many different types of businesses with
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many different types of needs so
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when i sit down with a business owner we
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look at who’s going to control and
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manage the business when it comes time
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to pass it down
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do we have a good person in place for
00:21
that position
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how quickly is it going to transfer to
00:25
the family if that’s going to be the
00:26
case
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sometimes it makes sense to make a a buy
00:30
sale agreement to make sure that it’s
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crystal clear about
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how we’re going to value the business
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who we’re going to transfer it to
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and who’s going to be in charge of all
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of that usually we need a
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pretty sophisticated person to be at the
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helm and
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able to successfully transfer it over
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because it is a
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it’s a big deal it’s usually a you know
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patriarchal matriarch of the family
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that has built the business from the
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ground up and and knows it
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very well and in order to successfully
01:00
transfer that
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to a family member or or whoever they’ve
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chosen
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you really have to be organized from the
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beginning
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and have a clear plan in place in order
01:11
to successfully
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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.
