By Fredrick P. Niemann, Esq. a New Jersey Passing on a Business Attorney
When the owner of a NJ business is looking to transfer control to others, he or she will have to conduct succession planning to make sure that the transfer goes through smoothly. In addition details like legal and financial planning must be done. Doing this work upfront will save you plenty of money in taxes and legal headaches.
Succession planning is crucial to make sure that the business will have enough capital to be sustainable during the transition period from one owner to another in case an owner of the business dies. It is also important to make sure that all management roles and responsibilities are delegated to the right successors to make sure that the transition can be made immediately if necessary.
Transitioning from one owner to another doesn’t need to be difficult and drawn out. Starting early is crucial to make sure that all necessary decisions are made. This will ensure that you don’t end up having to spend money on trying to fix legal and financial issues later on.
Contact me personally today to discuss your NJ business succession planning. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at email@example.com.