Business Succession

Business Succession Planning Intro

Business Attorney, Wichita, KS

Assisting in the Transition to Retirement

When the principal of a closely-held company approaches retirement age, a major concern arises regarding the future of the business. The business attorneys of Bever Dye, LC, Attorneys At Law in Wichita, Kansas, help sole proprietorships, partnerships and family businesses throughout Kansas transition smoothly while preserving customer goodwill. We also advise on mechanisms that provide the principle with secure income streams in retirement.

How We Can Help

Our business attorneys understand that stepping away from a business you have built is an emotional process. We help you make rational, well-informed decisions that strengthen your business as it moves forward.

Business Succession Planning Addressing Key Issues

Addressing Key Issues

Our business attorneys take a personal approach to business planning. We want to hear your concerns, so we can advise you on the best strategies for achieving your goals. If you are the principle of a family business, you may have a number of concerns about transferring your family business to one or more of your heirs, such as:

The Vision for the Future

Your next generation of ownership may want to introduce changes you have resisted.

Customer Goodwill

You must make your clients comfortable with the transition, so they anticipate the same level of service they have come to expect.

Alignment of Family Interests

To what extent is the business going to continue serving family members who may have their own interests and pursuits?

Interfamily Disputes

Family members with an interest in the business may not agree on how to move forward or may be incompatible working together.

Balancing Financial Returns

Shall the business provide income for all family members or only those who actively participate in operations? How will profits be shared?

Estate and Inheritance Issues

Is the business large enough to trigger estate tax? To whom are you leaving the business? Are you dividing ownership and authority among several beneficiaries?

Developing a Succession Plan

With legal assistance from our knowledgeable business attorneys, you can transfer your business seamlessly and rest assured that your most valuable asset is in the right hands. Business succession requires a great deal of thought and preparation. There are five essential steps in the process:

Choose Your Successor

You should resist the temptation to make a sentimental choice, selecting instead the person most qualified to lead.

Develop a Formal Training Plan for Your Successor

Depending on your successor’s business background, the training plan could be a simple walk-through or a substantial apprenticeship.

Establish a Timetable

You, your successor, your employees and your customers need time to adjust.

Prepare Yourself for Retirement

You cannot turn the business over until you are ready to leave it behind.

Install Your Successor

This is the point of no return. You have formally vested your successor with authority over the business.

Business Succession Planning Attorneys

Brian A. Turney, JD

Attorney / Member

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Amanda R. Walker, JD, CPA

Attorney / Member

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Eric V. Calvert, JD

Attorney / Member

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Adrien M. Piercy, JD

Associate Attorney

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Robert M. Hughes, JD, LLM

Attorney / Member

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Eric S. Parkhurst, JD, CPA

Attorney / Member

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Eric J. Larson, JD, CPA

Of Counsel Attorney

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Gregory L. Franken, JD, CPA

Attorney / Member

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R. Chris Robe, JD, CPA

Attorney of Counsel

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Scott D. Jensen, JD

Attorney / Member

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Tara A. Mollhagen Shepherd, JD, CPA

Associate Attorney

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Gregg C. Goodwin, JD, CPA

Attorney / Member

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Request a Consultation

If you’re a small business owner, succession planning is an essential part of estate planning. The business attorneys of Bever Dye, LC understand the issues and will provide you with the personal assistance you need throughout the process. Contact us at (316) 263-8294 or complete an online form to request a consultation.

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