Family-owned businesses are an essential part of any community. It was the hard work, dedication, and perseverance of those who nurtured their businesses in the past that held the space for Houston to develop its charm and unique personality that it’s loved for today.
Within the next fifteen years, it’s believed that 70% of all privately owned businesses will change ownership at least once. When push comes to shove, a starkly low number of family-owned companies are handed down to the second generation, and even fewer make it beyond that.
While some of those businesses are sold to strangers at a premium, most are swept up for peanuts or liquidated entirely, leaving family members and former employees with nothing to fall back on. If you want all of your hard work to have a fair chance at continuing to pay off for your family and employees, you need a succession plan, and that’s where The Law Office of Kurt W. Carpenter PLLC comes in.
Working with an attorney to develop a solid succession plan isn’t always the first thing people consider when organizing their business affairs. Much like drafting a will or planning your estate, stepping down, retiring, or sorting out how to leave behind your important family-owned establishment is not part of the day to day routine.
However, if your business is established and gaining traction, or if you’re a long time business owner, sitting down with an expert to draft a plan is crucial.
Even for business owners between 30 to 40, there are several significant components of putting a succession plan into place. While most immediately think of the monetary aspect, you can also dictate how your business’s core values and operations are maintained.
Without legitimate succession planning from the help of an attorney, your successors could have difficulty managing the company from both a financial and principle perspective, potentially damaging legacy or decreasing the value and putting your successors or your employees at risk.
Business succession planning involves making decisions that most people prefer to avoid and understandably so. If you have multiple children or people you care for, deciding on a successor can be a tense ordeal - but considering the more challenging questions ahead of time will save a lot of hassle and headaches down the line.
If you don’t take the time to figure these things out and delay putting a succession plan in place, you’re putting your loved ones at risk of joining the countless others who have been forced to lose out on the long-term potential held by their family businesses.
We can help you to keep your investments working for your successors and loved ones.
A Small Handful of the Ways KWC Can Help:
We'll work with you to increase the likelihood of business continuity. Life throws a lot of curveballs, and in the event of an unexpected disruption to your health, being prepared ahead of time could make or break your company. Delays in business functionality not only hold the potential to hurt business reputation - but also disrupt the flow of income, not just for your successors, but for those who you employ and have come to depend on you.
We'll help you pinpoint potential conflicts of interest while working with you to develop solutions for them ahead of time. With the help of our litigation expertise, rivalry and unhealthy competition amongst your potential successors can be planned for reasonably and efficiently.
If necessary, we'll guide you as you explore alternative options for succession planning if you have no qualified successors. Passing down ownership to a loved one or existing staff member isn't the only solution when it comes to increasing the likelihood of your family and employees continuing to benefit from the business. We'll fill you in on all of your options and help you find the most practical ones.
With a focus on small businesses and contractors, Mr. Carpenter has the background and experience to manage the concerns of families, business owners, and smaller companies facing the complexities of the legal landscape.
He provides expert legal counsel for business owners and contractors in The Woodlands and surrounding Houston areas, specifically catered to those looking to utilize their existing assets to maximize growth and work towards continued monetary security.
As a long time resident of The Woodlands, he has an intimate understanding of the national laws and the intricacies of the local laws surrounding estate planning in the Houston area.
Learn more about Mr. Carpenters qualifications here.
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