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What Will Happen To Your Business After You Retire?

Last updated on September 23, 2021

You likely spent many hours of many days of many years growing your business. It is more than just an investment or a pastime, it is a major facet of your life. So, what will happen to the business when you are no longer able or willing to run it?

As the owners of Akin Law P.A., our attorneys, Sherrille and Dain Akin, have both invested decades of time as well as sweat equity into the daily operation and success of this business. As business law and estate planning attorneys, they offer a unique perspective in this process. Our firm can help you understand your options and the best path for you to meet your personal aspirations for your company.

Avoiding A Messy Fallout

It’s been said that when you fail to plan, you plan to fail. We know you do not want to leave your family and your employees in the lurch should the unexpected suddenly happen. Business succession planning is one of the best things you can do today to ensure a successful tomorrow.

As seasoned and accomplished business and tax law and estate planning attorneys, we offer in-depth knowledge of these areas and where they overlap. We can also create a detailed exit strategy that moves at a pace that makes economic sense and that you are comfortable with. You may want to keep things in the family, or you may wish to seek outside ownership. The goal is to be clear in your intention and have a detailed plan so that you can avoid family in-fighting or a messy legal fallout.

How We Can Help

As a smaller firm, we offer both the flexibility and the personal attention most family business owners are looking for. We will carefully review your situation – from taxes, personality dynamics, cash flow, assets and mission – and then work with you to create a plan that will lay out what will happen if you are not there to run the company.

We will help you create a business succession plan for different scenarios including:

  • Who will run and what will happen to the business if you are incapacitated or die
  • Your planned retirement from the business
  • The transference of your business to a new owner, either within or outside the company

We understand what it means to not only invest in but also personally own and operate a business. We can help you create a tailored business succession plan that protects your asset and preserves your legacy. We will also work with you to ensure that all estate planning documents align with any changes you make to your business operations.

Get In Touch With Us To Start The Conversation

You likely have questions that need answers before you move forward. Call our office to set up a consultation. We can answer your questions and explain how we can help. Call 386-271-4740 and speak with a member of our team. You can also initiate communication via our website contact form.