The Conversations with a Business Attorney podcast is your legal guide to navigating the challenges and opportunities that arise throughout the life cycle of a business. Jeff Large, a start-up business owner, explores topics such as operator agreements, employee retention, and the value of protecting your company with Rhoades McKee Attorneys. Don’t get lost, listen and learn.
Katie Hogan Aguilar and Jake Dunlop discuss taking control of your succession plan while balancing business and family.
Three Things You’ll Learn:
- What to consider, both personally and professionally, when it comes to succession planning.
- Tax benefits and potential losses involved in establishing your estate plan.
- How business attorneys and estate planners work together to customize a succession plan for you, your family, and your business.
The purpose of succession planning is twofold. First, it is important to avoid probation court and manage taxes put upon beneficiaries. Second, it allows you to control what happens after you’re gone.
When setting up a succession plan for your business, you need to decide who will run the business or benefit from a sale. Estate and succession planning is a mix of business and personal in a way that Katie and Jake say is unique to this legal process.
[15:44] “[Establishing a succession plan] is a process, a collaborative process, between the business owners, their family, us, to kind of get what makes sense for them and their business.”
Planning can give an owner more control over the business, but it’s also a team effort that should include a business attorney and an estate planner. Jake explains how they work together to customize your plan, minimize issues and establish clarity.
Katie walks through tax exemptions and how business attorneys can help you avoid putting heavy tax burdens on families and beneficiaries.
While talking about risks, Jake and Katie highlight three things to consider when setting up your plan:
- How much control you want to have.
- How much the business is worth.
- How to go about obtaining that value.
Succession planning is an opportunity to create the future you want, and Jake and Katie’s advice will help you leave a lasting legacy.
- What to consider, both personally and professionally, when succession planning.
- Tax benefits and potential losses involved in establishing your estate plan.
- How business attorneys and estate planners work together to customize a succession plan for you, your family, and your business.
Click here to read the transcript of the full interview for Episode 8.
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