Oklahoma City Business Succession Planning Attorney
Business owners in Oklahoma City are faced with many decisions each day, and one decision that needs to be made is what will happen to the business if they retire, become disabled, or pass away.
A proper Oklahoma City business succession plan can ensure that the business operations will continue to run smoothly. Failure to put this type of plan in place could lead to the unintended closure or sale of the business, and this could have detrimental emotional and financial consequences for your family.
Contact an Oklahoma City business attorney at Helton Law Firm today so we can help you create a business succession plan that will accomplish your goals and protect your family.
Why Do I Need a Business Succession Plan?
Business succession planning in Oklahoma City is important for many reasons. One of the most important reasons is to protect your family and your employees.
A comprehensive business succession plan outlines your wishes and direction for how the business will be managed once you are no longer able to do so. It can help avoid disputes between family members or potential buyers, and it will ensure a smooth and seamless transition to new leadership.
What Should Be Included in an Oklahoma City Business Succession Plan?
There is no “one-size-fits-all” approach when it comes to business succession planning in Oklahoma City. There are many types of legal documents that might need to be included as part of your plan, and choosing the right ones for your situation is important.
Some of the most common documents included in an Oklahoma City business succession plan include:
- Wills and trusts
- Durable power of attorney
- Employment agreements
- Shareholder agreements
- Non-compete agreements
- Non-disclosure agreements
- Operating agreements
- Buy-sell agreements
- Advanced health care directive
- Partnership agreements
- Life insurance
- Disability insurance
- Long-term care insurance
Due to the large number of options available, you may need an experienced Oklahoma City business succession planning lawyer on your side who can help you decide what is right for your needs.
What Are the Different Types of Business Succession Plans in Oklahoma City?
Business succession planning can get complex, and there are many different types of plans a business owner may choose to utilize. No two businesses are exactly alike, and each business succession plan should be unique to you and your business. However, the following are general types of business succession plans in Oklahoma City that are commonly used:
- Third-party sale plans
- Owner exit plans
- Management buyout plans
- Employee stock ownership plans
- Family business succession plans
Let our experienced team of business succession planning attorneys at Helton Law Firm help you decide which type of plan is right for you and your business.
How Our Oklahoma City Business Succession Planning Lawyers Can Help
Many business owners need a trusted legal advisor who can guide them through the process of choosing the right plan and implementing a business succession strategy. At Helton Law Firm, our experienced Oklahoma City business succession planning attorneys can help you by:
- Performing a thorough review of your current business structure
- Giving you sound legal advice about your options
- Identifying key risks that could compromise your plans
- Creating the right business succession plan for your needs
- Drafting all legal documents required to implement your plan
- Monitoring your situation to help identify future changes that may be needed
When the time comes to create and implement your business succession plan, contact Helton Law Firm’s business succession planning lawyers in Oklahoma City by completing our online contact form or calling (405) 754-2074. Let us guide you through every step of the process.
