BUSINESS PLANNING
jacksonville Business Succession Planning
Legacy Planning Law Group knows that the best way to help our clients is to understand their business planning needs and help guide them along the way. If you’re interested in learning more about our Jacksonville business succession planning services, please book your free 15-minute phone call with us today!
BUSINESS SUCCESSION PLANNING
START YOUR FLORIDA BUSINESS SUCCESSION PLANNING WITH A JACKSONVILLE BUSINESS LAWYER
It is critically important to develop a succession plan to allow for a smooth transition of your Florida business when you are ready to retire or after you die or become incapacitated. More than 50% of all small-business owners in Florida are 50 or older, which means many of them are approaching the point where they need to plan for a transition to the next business owner. Whether this means passing the family business on to a child or other loved one or selling it to a third party, everything must be appropriately taken care of on your behalf.
Did you know that 70% of businesses do not transition from the 1st to 2nd generation owners, and nearly 90% of businesses do not ever successfully pass to a third generation? Another disturbing fact is that fewer than 30% of all business owners have a written succession plan, which is why many businesses fail when it is time to transfer to a new owner. Our experienced Jacksonville business succession planning attorneys can help you establish a succession plan to meet your business goals in Florida.
UNDERSTANDING BUSINESS SUCCESSION PLANNING FOR A FLORIDA BUSINESS
A good succession plan will address both the people and the money that are involved. This planning is crucial if your succession plan is supposed to generate the money you will need during retirement. Concerning the people involved, your succession plan may involve family members already familiar with the business. Their knowledge could help ensure continuity during the change in leadership.
WHO SHOULD YOU NAME IN YOUR BUSINESS SUCCESSION PLAN IN DUVAL COUNTY?
Naming a successor for your Florida business is a very important step for your succession plan. However, before you name someone as the successor, make sure you discuss it to ensure they are ready for the responsibility. Too often, a parent will be highly passionate about their business, but the child just sees it as a job. Taking these things into account can help ensure you make the best decisions for your future and the future of your business.
Suppose your children or other family members don’t want to take over the Florida family business, or you don’t think that they would be up to the challenge. In that case, you may want to consider one of your employees as the successor in Duval County and surrounding Northeast Florida areas. Long-term employees often make excellent owners because they know the business better than anyone.
No matter what you decide to do with your business, it is good to start planning for it today—having a written succession plan in Florida does not mean that you absolutely must follow through (unless there is a contract in place). If circumstances change, the business plan can be updated as needed. By working with an experienced Jacksonville, Florida business attorney to create a good quality succession plan, however, you can give your successor the best possible chance at success through the transition and well into the future.
WORK WITH AN EXPERT JACKSONVILLE BUSINESS ATTORNEY FOR YOUR FLORIDA BUSINESS SUCCESSION PLANNING
Whether you currently have a succession plan that needs to be updated or looking to create one for the first time, our experienced business law attorneys can help. Legacy Law Planning Group is here to help you and your loved ones understand estate planning, elder law, post-death administration, and business planning in Duval County, Florida. If you’re interested in learning more about our legal services from our experienced Jacksonville, Florida business planning attorneys, please don’t hesitate to contact our Jacksonville law firm by booking a call today.
Some Additional Resources
The following resources are provided by Patrick Ibarra
START PROTECTING YOUR LEGACY TODAY
Book Your Call
If you are committed to solving your planning needs and want to work with our skilled and experienced team, the first step to get started is booking your 15 minute phone call.
Explore Your Planning Needs
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
Schedule Your In-Person Consultation
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.