Business Succession Planning
Long Term Planning Considerations for Oregon Business Owners
It is best to consider and decide to operate, manage, or, in the event of an owner’s death or disability, transfer a business.
These decisions can be incorporated in the business owners’ individual estate plans or in company documents, such as restrictive stock agreements or operating agreements.
With substantial experience in both business and estate planning, Hunt & Associates represents a valuable resource for individuals and couples whose estate plans need to consider business asset or equity transfers, management succession, or the provisions of an existing shareholder agreement. We help our clients find effective ways to achieve their estate planning goals. Contact us in Portland for advice about integrating business ownership considerations into your estate plan.
Sound estate planning for business owners starts with a clear definition of your objectives. Defining such objectives often best starts by answering basic questions such as:
- Does your family want to participate in owning or managing this business if you pass away or become incapacitated?
- Is there a current buy-sell agreement or restrictive stock agreement that limits your ability to transfer your ownership interest to family members or any other person as you see fit?
- Is there an agreement in place among the owners that requires the sale of your ownership interest upon your death or incapacity?
- Should the business purchase life insurance on the principal owners’ lives to fund the business’ purchase of a deceased or incapacitated owner’s business interest?
- Has the business been appraised or otherwise valued recently?
- Is managing and reducing estate tax liability an important estate planning objective?
Once we know the business succession and estate planning goals you want to accomplish, we can use various estate planning tools, such as wills and trusts, to advance your goals, protect key assets and address the needs of your surviving spouse, your children or the next generation of management.
We also prepare buy-sell agreements or amend existing agreements in such a way as to ensure that the owners’ business planning goals are in step with their estate planning goals.
For business owners that continue to play an active role in the operation of the business, we can help you prepare and implement a management succession plan that will promote a smooth transition whether you leave the business voluntarily through retirement or unexpectedly by incapacity or death.
Speak With an Attorney About Your Long Term Planning Goals
To make sure that your estate plan adequately reflects your long-term objectives for your family and your company, discuss your situation with a knowledgeable attorney. Contact Hunt & Associates in Portland to learn about your legal options.