713-429-0218

sandy@ardlawfirm.com

4211 Video Street Dickinson,Texas 77539

Business Succession Planning for Small Business Owners in Texas

Serving Dickinson, Galveston, Lake Jackson, and the Surrounding Houston, Texas Areas


Are you in business for yourself?

If you are starting to think about retirement, then it is also time to think about business succession.

You can try to tackle this on your own, but your best bet is enlisting the assistance of an experienced business succession attorney, like those at Ard Law Firm, PLLC. We will have the background and skills to help you plan for the future, putting you and your business in the best position for a profitable and smooth transition when that time comes.

What can I do to make my business succession successful?

Exit strategy. Determining what will happen if and when you are no longer able to run your business is critical. The attorneys at Ard Law Firm, PLLC will discuss various scenarios with you. This process can help both us and you evaluate all of the "if this, then that" scenarios.

These scenarios may include how you will leave the business at retirement, including whether you will wind up the business, sell to an interested party, or pass it down to a member of your family. Also, remember to consider the consequences if you were to be unexpectedly struck with a serious illness or injury. Your attorney can help you set up short-term protocols if your unexpected exit is of a shorter duration and other protocols should your absence be long-term or permanent.

Disability insurance. Disability insurance is an essential funding consideration to help keep the business and your family afloat should unexpected or unforeseen events alter your succession plans. In such instances, make sure you have the right kind and amount of disability income insurance to support you and your family. Also, key man disability insurance can help keep the business running without you.

Retirement and estate planning. If you have not done so, then now is the time to start a retirement plan. A comprehensive retirement plan typically includes tax-deferred investments (e.g., think 401K, SIMPLE Plans, etc.), after-tax savings vehicles, trusts, and all manner of assets designed to provide the greatest return on your hard work for a future retirement. Your estate planning attorney will have ideas uniquely tailored to your specific situation and will work in close coordination with your financial advisor. This teamwork is essential given the tax planning and beneficiary designations involved.

Are you mentoring your successor? Think about what makes a good "you" in your business. What does it take to run your business efficiently and effectively? Once you have identified those personal qualities and traits, then it is time to select a successor — the person you want to take over. Choose wisely.

Timeline. You and your attorney should develop a flexible, written timeline. While it need not be set in stone, you should know generally when you would like to retire and sell, close, or transition your company to a new owner.

How do I start?

Pick up the phone and call us today, or contact us online. Provide a copy of this article to start the process on solid footing.


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Taking Steps to Preserve Your Legacy

Estate Planning

Estate Planning

A properly drafted estate plan will replace the terms of the State's estate plan with your own.

Elder Law

Elder Law

Elder law is another aspect of estate planning, focusing primarily on the needs of families and individuals as they age.

Medicaid

Medicaid

Medicaid, is a joint federal-state program, subject to certain federal requirements, each state implements its own regulations on how the program is managed.

Probate

Probate

When probate avoidance planning has not been implemented prior to death, the state will require a probate court proceeding if the deceased was a resident or owned assets in the state.

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Attorney Sandy Ard, of the Ard Law Firm, PLLC, provides clients with comprehensive Estate Planning, Medicaid Planning, Veterans Benefits Planning, Wills, Trusts, Living Trusts, Pet Trusts, Special Needs Planning, Asset Protection, Elder Law, Farm Trusts and Non-citizen Spouse Estate Planning, Probate & Estate Administration, Business Succession, and Family Business Planning, in Houston, Texas and the following areas including but not limited to: Houston, Galveston, Lake Jackson, Dickinson, League City, Texas City, Webster, Seabrook, Santa Fe, Texas; and their respective surrounding areas in Harris County, Chambers County, Brazoria County, and Galveston County, Texas.

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