Business Succession Planning Lawyers in Wichita, KS

If you’re a business owner in Wichita or the state of Kansas, you should establish a succession plan for your business. A Wichita business succession planning attorney at Larson, Brown & Ebert, P.A. can help you prepare a succession plan that works well for your business and meets your needs.

A business succession plan is a binding legal document created by a business owner with the assistance and advice of a business and estate planning lawyer. It spells out the owner’s instructions for any change of ownership.

With the right business succession plan, you and your Kansas business can operate with confidence in the coming years. Let Larson, Brown & Ebert, P.A. help you establish the business succession plan you need. We assist and advise clients throughout the greater Wichita area.

When Do You Need a Succession Plan?

No business can operate for long without an active and capable owner or manager. If that individual suddenly passes away or is unable to oversee the business for any reason, the business could quickly be encumbered by unmet obligations and unpaid debts.

Because we can’t predict the future, you should have a Wichita business succession planning lawyer at Larson, Brown & Ebert prepare your succession plan as soon as possible. If the unexpected happens, it can tell others what steps to take, and it may even keep the business alive.

As a business grows, a thoughtful and concise business succession plan becomes increasingly important. The best plan empowers both the current owner and the next owner or owners and takes into account the interests of customers and employees.

What Does a Business Succession Plan Accomplish?

If you plan to sell the business, prepare for the sale in advance by putting your operating procedures in writing and your finances in order. Larson, Brown & Ebert provides comprehensive succession planning services to all types of Kansas businesses.

If you do not plan to sell the business, you may be choosing one or more heirs to succeed you as the owner. It ensures that your family will still be provided for, should you become unable to do so yourself, but you should be assisted by a Wichita business succession planning lawyer at Larson, Brown & Ebert, P.A.

A business succession plan works best when you explain your standard operating procedures with an organizational chart, operations manual, employee handbook, or other business documents.

How Do Succession Plans Help Family Businesses?

A family-owned business faces exceptional challenges. If the family member who manages the business unexpectedly dies or becomes incapacitated, other family members will need instructions for operating the business or selling it.

Transferring your business to one of your heirs may entail additional taxes, but a Wichita business succession planning attorney at Larson, Brown & Ebert, P.A. can help you reduce that tax burden. But if a family-owned business lacks a succession plan, disputes can arise.

One family member may feel entitled to more than other members who are less involved in the business. If a business owner does not have a succession plan, the owner’s stake in the business transfers to the heirs or, if there are none, to the remaining shareholders.

Succession Plans for Larger Businesses

For larger businesses, succession planning helps owners continue operating without interruption when key employees leave or pass away. The right plan helps owners maintain a company’s reputation and values.

Larger businesses may need several plans: an emergency plan for when a leader unexpectedly needs to be replaced and a long-term plan that identifies potential future leadership and provides for their training.

Whether you prepare a succession plan for a family business or a larger operation, you should include potential successors in the planning. Future leaders should be comfortable with the succession plan and understand what is expected of them.

What Should Your Plan Include?

An effective business succession plan should include:

The name or names of your successor or successors
A timeline for when the plan takes effect
Directions for selling the business
Clarity and precision

Business succession planning is not something you can do one time and forget. Your plan should be reconsidered and updated as your business circumstances change.

How Will a Planning Lawyer Help You?

If you choose, your business succession plan can transfer your business interest into one or more trusts that pay out to your family members over time. Or, if you wish, your assets may be divided among your company’s employees.

Whatever your business plans, you’ll need reliable legal advice and services. Creating the succession plan that’s right for your business requires a Kansas attorney with substantial business and estate planning experience.

Let Larson, Brown & Ebert, P.A. Help You Plan Your Business

To create an effective business succession plan, seek advice from a Kansas business and estate planning lawyer at Larson, Brown & Ebert, P.A. Contact our Wichita law offices at 316-530-8621 to schedule a consultation with one of our experienced business planning attorneys.

If you have already prepared a business succession plan, this may be the time to reevaluate and update that plan. The team at Larson, Brown & Ebert, P.A. can ensure that your business succession plan remains effective or make any necessary changes.