Business Succession Planning

Plan the success of your business after you exit

You have spent your life building up your business.

Nobody, least of all you, wants to see that hard work go to waste in the future.

The time to plan the future of your business after you are gone is while you still have the energy and strength of mind to make informed business decisions.

We can help you:

• Plan for retirement or an unexpected event in your business
• Create an enforceable business succession plan under Arizona law
• Avoid ownership or control disputes from family members or shareholders

Why a succession plan when you are not ready for retirement?

Whether you run a family business or other small or medium-sized private business, unforeseen events can mean that you must pass on its ownership or management without a clear plan.

This can lead to serious problems, including tax issues.

Planning ahead for this type of enforced transition, or even for a distant retirement, is a good practice that will avoid disputes and complications for those closest to you.

For exiting the business, you first have a choice whether to:

• Pass the business on to the next generation
• Sell the business to another individual (such as a business partner, key employee or child) or company
• Liquidate the assets

Each of these options presents legal challenges.

Together, we can consider your best options and, depending on what you decide, work on:

• Formulating a clear succession plan that puts the needs of family members first
• Ensuring business continuity during the transition
• An exit plan if your eventual wish is to sell 
• Realistic business valuation for outside buyers

Most of this can be done years in advance of any transition, for peace of mind, asset protection, and simplicity when the time comes.

If the right time is now, we can also work on meeting the legal requirements for the transfer of ownership.

Business succession planning services

Business succession planning can be complex.

This is why it requires an experienced attorney with capabilities in the following areas:

• Business taxation issues
• Buy and sell agreements
• Share agreement issues
• Capital restructuring
• Successor issues
• Trust formation

Confusion or delays in any of these areas can mean that the business suffers during the transition period – often affecting the business owner’s family members.

At Phelps Estate Planning Law Firm, we have the legal background and the entrepreneurial and business experience to be able to assist you.

From your business to your personal estate…

As well as planning the succession of your business, there are many other concerns for business owners looking to protect their loved ones in the future.

Individuals with large estates may want to consider: 

• Living trusts and wills
• Estate tax & asset preservation planning
• Charitable deduction planning
• Long-term care & Medicaid planning
• Retirement account trusts, asset protection trusts, or other types of trusts.

As an experienced business and estate planners,  our firm completes all elements of a comprehensive plan that works for your future, your family’s future, and the future of your business.