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Business Succession Planning Lawyer

Many closely-held and family-owned businesses fail to create or implement business succession plans, leaving the details regarding the transition of a company unsettled and potentially jeopardizing their future stability. To avoid such pitfalls, it is critical for Indiana small businesses to engage in succession planning to ensure that the appropriate leaders are in place should an owner, officer, or other critical employee become disabled, retire, or pass away. Regardless of whether you are interested in transferring a business to family or through a sale, I can help you proactively protect clients, customers, employees, and estate beneficiaries. 

As an experienced New Albany business succession planning attorney, I help business owners as they contemplate reducing their business involvement, retirement, and confronting unforeseen circumstances, such as medical emergencies and death. If you would like to proactively and pragmatically address critical decisions that can impact the stability of your company, I invite you to call my office today to schedule a free initial prospect interview. I also encourage you to read through the following information to learn more about business succession planning in Indiana.

What Is Indiana Business Succession Planning?

Owning and operating a family business brings with it the additional responsibility of determining what will happen to the company when a critical owner retires or is unable to manage operations because of death or disability. 

An Indiana business succession plan is the process of creating a comprehensive and strategic approach to navigating the transition of business ownership and making accommodations in the event of temporary or permanent incapacitation. As an experienced New Albany business succession planning attorney, I can construct a roadmap for estate and retirement planning, helping to secure the survival of a company through an effective transition of ownership and maximize owner investment returns. 

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Indiana Business Succession Planning FAQs

Unfortunately, many family-owned businesses do not engage in business success planning.  As a result, owners and families can be placed at significant risk of:

  • Monetary loss due to estate, gift, and/or income tax issues;
  • Equity in a business being involuntary transferred to an ex-spouse/non-blood family member in a divorce;
  • Loss of asset value because of lack of business valuation and appropriate financial planning; and 
  • Compromising the long-term stability of the business for future generations. 

At Plitz Estate Planning, as a New Albany business exit succession lawyer, I work with owners to understand their needs, taking a multidisciplinary approach to developing a comprehensive business succession plan that grows with a company to meet its ongoing needs.

The longevity of a closely-held or family-owned business depends largely on early succession planning and timely implementation of strategies. At Plitz Estate Planning, we help companies navigate the complexities of the business succession planning process by:

  • Establishing exit strategy goals and objectives;
  • Evaluating management and ownership interests; 
  • Developing a plan that specifies the disposition of ownership interests; 
  • Facilitating discussions with family members to understand what family members may (or may not) want to continue in the family business; 
  • Determining ways to transfer value to non-business family members upon the death of a founder;
  • Facilitating third-party sales; 
  • Preparing business agreements, employment contracts, and non-compete agreements; 
  • Implementing wealth preservation and asset protection planning, estate planning, and tax planning strategies; 
  • Establishing lifetime transfer strategies and options, gifting strategies, and other long-term planning tools; 
  • Preventing or minimizing the risk of personal liability for business debts; 
  • Facilitating business valuations and implementing strategies for maximizing value; 
  • Selecting the appropriate operating structure to maximize tax benefits (which may involve creating a trust to hold business assets); and 
  • Acting as a collaborative member of the business succession advisory team.

Proactive Business Succession Planning Is Critical - Contact A New Albany Business Succession Attorney Today!

At Plitz Estate Planning, we stand ready to assist in all aspects of establishing and managing a comprehensive business succession plan. Don’t wait until an unplanned event arises to address your business transition needs. Instead, we urge you to call our office today for a free initial prospect interview to learn how we can help meet your business succession needs.


Satisfaction Guaranteed

Satisfaction Guaranteed – If you are not 100% satisfied with the service or process within 60 days of signing your estate planning documents, you will receive a full refund.

Southern IN Estate Planning Lawyer James Plitz