Every successful business has a life cycle and will continue to evolve from its formation onward. You have been the captain of your enterprise until now and may plan to be for years to come; but sooner or later you will need to pass the torch. It might be to turn over the management of your business to the next generation or to take your booming enterprise public. Or it may be to sell or liquidate, as you contemplate retirement or moving along to a new venture. Part of smart business planning is anticipating where your business will go when you are ready to step down. Whether that will happen soon or many years in the future, you should know the direction you want to take and begin planning now, with that destination in mind.
Whether your business is large or small, you should not wait to plan for a seamless transition when the day comes that you are ready to turn the reins over to a successor or bring your endeavor to a graceful close. Planning ahead will simplify the process and protect the tangible and intangible assets that you’ve worked so hard to accumulate. It is important for many reasons for your business to have an ongoing relationship with attorneys you can trust.
At Barnes Law Group, LLC, our legal expertise in estate planning and business law will serve you well as you plan for your eventual exit from the helm of your company. With 20 years of experience working with business owners in Cape May and Atlantic Counties, the attorneys at Barnes Law Group, LLC, will help you plan your exit well in advance, and then, when the time comes, guide you through the process of an effective business succession.
Finding the Best Business Exit Strategy for You
Choosing among the available exit strategies is a decision that will reflect your needs and those of your family. Is it important that you keep it “all in the family,” or has the company grown to a point where a public offering makes more sense? If you do not have an heir with the skills, experience, and/or desire to assume control, selling or going public may be your best option. If the business is a smaller one that has served you and your family well but depends heavily on the personal relationships you’ve built, it may have little potential market value. In this case, liquidation may be a logical choice as you approach retirement.
Wherever you are in your business’s life cycle, it is never too early to begin planning your exit goals. Every exit strategy has a unique set of financial, legal, and personal challenges. You can feel confident that whatever your ultimate goal for your business, your attorney at Barnes Law Group, LLC will offer the legal counsel that will see you through a successful transition, keeping intact the assets that you’ve built. We will discuss your options and assist you in choosing the one that best serves your needs and those of your family.
Take Control of Your Business’s Future with a Business Succession Plan
You have nurtured and guided your business to become the success it is today. Don’t risk losing what you’ve so carefully built over the years by failing to anticipate and plan for the time when you’re ready to relinquish control of its operation. Make sure that your wishes for the business are known and planned for, and that its assets are protected, by talking to your New Jersey business, estates, and trusts attorney at Barnes Leaw Group, LLC. At our client-centered law practice, we offer personalized service to exactly meet your individual needs. Call today for an appointment at one of our conveniently located offices in North Wildwood and Egg Harbor Township.