Tulsa Business Succession Planning Attorney
Business owners in Tulsa face many unique challenges, and one of those is deciding what will happen to the business when you retire, become disabled, or pass away.
As a business owner, business succession planning is an important part of your overall estate plan. Without a proper plan in place, your business might no longer be able to continue operations, or it could be sold to someone unaffiliated with the business.
Business succession planning is crucial for all businesses, whether you have a small business or a large corporation. At Helton Law Firm, our Tulsa business attorneys can help you put the proper plans in place to protect your business and your family.
Contact us today to speak to a dedicated Tulsa business succession planning lawyer who is ready to help.
Why Do I Need a Business Succession Plan in Tulsa?
Business succession plans are critical because they can allow your business to continue operating smoothly even after you can no longer run the operations. A proper plan will outline your successor or how the business should be managed in the event you are unable to continue performing your duties.
Without a proper succession plan in place, disputes may arise between family members, business partners, or potential buyers. This could lead to the forced closure or sale of your business, and it could have detrimental emotional and financial effects on your loved ones.
With the help of a Tulsa business succession planning lawyer, proactive planning allows you to address these issues and can help protect your family members and employees.
What Should Be Included in a Tulsa Business Succession Plan?
There are many different legal documents that may be included as part of a comprehensive business succession strategy. The specific documents that you need will vary, depending on the type of business you own, its size, and your specific goals.
Some of the documents that may be necessary for your Tulsa business succession plan include:
- Wills and trusts
- Durable power of attorney
- Advanced health care directive
- Shareholder agreements
- Operating agreements
- Non-disclosure agreements
- Employment agreements
- Partnership agreements
- Non-compete agreements
- Life insurance
- Long-term care insurance
The best way to determine the specific documents needed for your goals is to seek help from an experienced Tulsa business succession planning lawyer. Let the team at Helton Law Firm help you put the right plan in place to accomplish your wishes.
What Are the Different Types of Business Succession Plans in Tulsa?
Each business succession plan is different, and your plan should be unique to your situation. Some of the most common types of Tulsa business succession plans include:
- Family business succession plans
- Employee stock ownership plans
- Third-party sale plans
- Management buyout plans
- Owner exit succession plan
These are just a few of the available options when it comes to Tulsa business succession planning. Getting the right plan for your situation requires evaluating your business and your specific needs.
How Our Tulsa Business Succession Planning Lawyers Can Help
Our experienced team of business succession planning attorneys at Helton Law Firm can help you put together a comprehensive plan to ensure that your business operations continue smoothly. We can help you by:
- Performing a full evaluation of your current business and its structure
- Fully understanding your goals
- Advising you of your legal options and helping identify key risks
- Creating all legal documents necessary for your plan
- Implementing your plan and monitoring the need for future changes
When you are ready to put a business succession plan in place, call Helton Law Firm’s business succession planning attorneys in Tulsa at (918) 928-7104 to schedule a confidential consultation and help you get started.
