Protecting The Future Of Your Successful Business

R.D. Brown, PLC, knows that you have spent a lifetime building your business. You are proud of what you have made because, as any Michigan resident knows, it is not always easy to run a successful company. A thriving business can last forever provided that the right preparations have been made.

We want to answer some of the most common questions about how to secure a business for long-term success.

How Exactly Do You Secure A Business For Long-Term Success?

As a successful business owner, you have gone to great lengths to protect your trade secrets and other intellectual property. You plan for everything, but did you plan for a time when you are no longer able to run your company? You may have an idea of who should take the reins after you, but until you have crafted a succession plan for your business, your wishes are not secured.

What Is A Succession Plan?

A succession plan is like a will or a trust, only for a business entity rather than a person. It is a specific and complex legal tool to ensure that a business is guided by the proper people after the CEO or president retires or passes away.

Who Benefits From A Succession Plan?

Everyone benefits from a tested, well-crafted plan of action, because it eliminates confusion and disputes. Many succession plans are built for family businesses, giving them the added benefit of easing familial difficulties. If you run a business that you want to give to your child or another member of your family, you need to have a succession plan in place.

Can Anything Be Done If A Succession Plan Is Not Working Properly?

In many cases, because of the complexity of estate planning and taxation, a succession plan may end up causing difficulties. In that case, one of our lawyers, after reviewing the plan, may be able to work with a judge to resolve disputes and ensure the business's future.

Our Experience Will Make A Difference

Whether you run a small grocery in Saline or are an auto parts manufacturer in Detroit, having a succession plan in place ensures your professional legacy. Contact an experienced attorney today to learn about our comprehensive, goal-focused approach to planning for your business after you have moved on. We can be reached at our Saline office at 734-887-6497 or send us an email.