BUSINESS SUCCESSION PLANNING
Timothy A. Shultz and Miranda Carmona GOODELL, STRATTON, EDMONDS & PALMER, LLP
SO YOU WANT TO PASS THE COMPANY TO THE KIDSâ€Ś You have built a successful business and now you want to slow down or are considering how to ensure the business keeps operating for the benefit of your children. How do you pass the business along to the next generation?
1. START EARLIER THAN YOU THINK. Every business and family situation is different. It takes
some time to work through the process. Seek wise expert advice in the very early stages of the process, such as a good business attorney, estate attorney and tax advisor. Your expert advisors can help you determine what questions need to be asked and answered during the process that you may not have considered. It will take longer than you think to get everything discussed, drafted and in place.
2. FAMILY MEETING. Discuss with your family what you envision for succession. Timothy A. Shultz, a Dodge City native, received his Juris Doctor degree from Washburn University School of Law in 1993. He represents businesses and banks around the middle United States. Miranda Carmona, received her Juris Doctor with a certificate in Tax from the University of Kansas School of Law in 2004. She practices in the areas of estate planning, business and tax planning.
Often, the next generation is not on the same page regarding the family business. Listen to your kids and get their input. They are going to need to understand your vision for business succession so they are able to cooperate and keep the business operating successfully after you are no longer in the company. Make certain your immediate family is involved in the process to the extent possible.
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