North Carolina Business Formation & Business Succession Planning Lawyers
Passing Your Business on to the Next Generation
You have worked hard to build your business so that you can provide for your family and leave the business to the next generation. However, according to the Small Business Administration, less than one third of small businesses survive the transfer from the first generation to the second generation.
Armor Trust Attorneys can help you create a plan to successfully and smoothly pass your business to your successor with our Business Succession Audit.
Business Succession Audit
We offer a time-tested and valuable business succession audit to help you plan for passing your business onto the next generation successfully. Our Business Succession Audit includes:
- Creating a business entity or assessing your existing business entity by looking at the type of business entity that you have (partnership, LLC, etc.), your corporate documents and your corporate management structure
- Creating a strategic business plan by looking at your business mission and goals
- Creating a strategic family plan, including determining your family's role in the business, and developing a code of conduct for family members and joint operating polices that serve both your family and your business
- Determining what planning has already been done, including retirement planning (buy out sales, installment sales, etc.) and estate planning (buy/sell agreements, key man insurance, trusts, etc.) and how they affect your business
- Discussing elements of a succession plan, such as choosing and training a successor and transferring ownership of your business to that successor
The Business Succession Audit fee varies depending upon the type and extent of the business, but typically is within the range of $675 to $1350.
Protect Your Business Assets With Experience and Dedication
At Armor Trust Attorneys, we are committed to serving clients who have wealth preservation and business transfer needs. Protect your business assets and your family inheritance by having a plan.
Call Armor Trust at (919) 571-4398 for experienced business formation and business succession planning services.
