Business Succession Attorney in Spring, Texas
What are the biggest challenges owners face in business succession planning?
What are the biggest challenges owners face in business succession planning?
More In This Category
View Transcript
00:04
when business owners think about
00:06
succession planning
00:07
just like when they think about estate
00:08
planning they think that they need to
00:10
come to the lawyer
00:11
with a plan already in place and then
00:14
they just spell out the plan to the
00:15
lawyer and the lawyer draws it up and
00:17
papers the plan
00:19
that’s not really how it works most
00:21
business owners come to the lawyer
00:23
they don’t really have a firm idea as to
00:26
how the succession plan should be
00:28
and the attorney is there to counsel the
00:31
business owner
00:32
as to um as to ideas for the business
00:35
succession plan
00:37
one challenge that we see a lot is we’ll
00:39
have
00:40
a business owner comes in and he’ll
00:42
explain you know i’ve got
00:44
i’ve got a number of children but i only
00:46
have one child who’s really
00:48
interested in the business that child’s
00:50
worked with me for 20 years
00:52
and really she’s the only one who knows
00:54
how to run the business
00:55
and so we explained to the client you
00:57
know that’s a really typical
00:59
situation and in those situations a
01:02
partnership is a great way
01:05
to handle the business succession
01:06
planning because
01:08
a limited partnership enables the
01:10
control of the business
01:12
to be centralized maybe in one person
01:15
or it’s centralized in people who know
01:18
how to run the business
01:19
but the equity or the um
01:22
interest in the business the interests
01:25
that earn the income and share in the
01:27
profits
01:28
those interests can be more widely
01:30
dispersed among other family members
Contact Christine Butts
Email This Lawyer
(281) 537-7110
See All This Lawyer's Videos
Visit Lawyer's Website
Spring, TX estate planning & probate attorney Christine Butts talks about the biggest challenges owners face in business succession planning.
