Melville, NY, Business Succession Planning Lawyer

Schneider, Garrastegui, & Fedele, PLLC facilitates a smooth transfer from one owner to the next through business succession planning.
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Business Succession Planning in Melville, NY

You’ve put years of hard work into creating and running a successful business, and you don’t want it all to go by the wayside when you finally step down. Even if you don’t intend to retire in the near future, this is still a concern. For instance, you could become incapacitated, making it impossible to handle the day-to-day operations. Without a successor ready to take over, your company might never recover.

Fortunately, you can create a succession plan so your company can continue to thrive well into the future. Once a plan is in place, you won’t have to worry about what will happen to your company. Instead, you can enjoy retirement or even work into your Golden Years, knowing that you’re prepared for the future.

If you want your company to continue well after you step down, contact our Melville, NY, business succession planning lawyer. Our firm can help you prepare for the future, making it easier to enjoy today.

Business Succession Planning Process

A successful business succession strategy includes several components. Our Melville, NY, business succession lawyer can help you:

  • Choose and plan an exit strategy
  • Select a successor
  • Train a successor
  • Protect current employees
  • Limit your tax exposure

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Why Choose Schneider, Garrastegui, & Fedele, Pllc?

  • Hyper-focused on Your Needs – While some firms dabble in numerous practice areas, we focus on elder law and real estate. Our limited scope of practice allows us to stay up-to-date and provide hyper-focused, client-centric legal services.
  • Highly Rated – Our firm has accumulated numerous 5-star reviews on Google, Facebook, Yelp, and Avvo.
  • Two Locations to Serve You – Visit our fully staffed Class A office space in Melville, NY, or make an appointment at our satellite office in Hauppauge, NY.
  • Small Firm with Big Firm Assets – As a small firm, you can expect hands-on, customized service with us. At the same time, our assets are comparable to a much larger firm, so we have the resources to help clients of varying and even challenging needs.
  • Bilingual Support – With both English and Spanish-speaking staff and attorneys, you’ll feel at home at our firm.

Retention And Buy-sell Retention Planning

Most often, business owners choose retention planning or buy-sell retention planning. If you have a family business, retention planning might be the right choice. Then you can transfer your shares to one or more family members.

If you don’t want to keep the business in the family, you can consider buy-sell retention planning. You can transfer your shares to employees or other shareholders with this strategy. First, you’ll name interested parties you’d like to take over when creating the plan. If they reject the offer, you can find someone outside of the company to take over.

These are just two of the options your Melville, NY, business succession planning lawyer can discuss with you. Schedule a strategy session to learn more about your options.

Impact Of Failing To Plan

It will be hard for your business to continue if you step down without a succession plan in place. First, there will be a lot of confusion about who will take the helm. A family member might take over after your estate goes through probate, or shareholders might choose to absorb your part of the business. It’s also possible that shareholders and family members split your shares, with each taking a portion.

This can cause fighting between family members and shareholders, and customers and clients might depart out of fear that the company will collapse. Sadly, that fear will likely be warranted since the new leader might not have the tools or resources needed to run a successful business.

Fortunately, you can avoid this with help from a Melville, NY, business succession planning lawyer. Reach out to our firm today to discuss your succession plans.

Planning After Choosing A Successor

If you have already chosen a successor, you might think you don’t need to worry about succession planning. However, choosing someone to take over for you is just one step in the business succession planning process. The right plan will protect your employees and shareholders while reducing your tax liability. Thus, consult with our Melville, NY, business succession planning lawyer to discuss the additional steps you must take. This might include determining how the shares will be distributed, ensuring that the new owner will retain your existing employees, and valuing the business before the transfer or sale. With so many details to handle, it’s wise to consult with a lawyer before moving forward.

How Early Should You Create A Succession Plan?

If possible, you should consult with a Melville, NY, business succession planning lawyer at least five years before you plan to retire. Through early planning, you can mentor your successor so he or she will be ready to take over when you step down. Additionally, you will have the flexibility to adjust your business succession plan as you get closer to retirement. Don’t worry if you’ve missed the five-year window, though. While that’s ideal, your attorney can help you accelerate the process, so you’ll be ready to retire in the near future. Don’t delay any longer. Contact our firm today to set up a strategy session.

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Clients first entrusted us to help them with their estate planning and elder law issues over 30 years ago. Since then, we have expanded our practice to include real estate, but our focus continues to be on assisting clients with some of the biggest issues they will face in their lives.

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