BUYING, SELLING, OR INHERITING A BUSINESS ATTORNEY IN COLLIN COUNTY, TEXAS
The goals of every business owner are the same: to be their own boss, to earn a living, and to create a legacy for themselves. But no matter what direction a business takes, there always comes a time when the owner wants or needs to step back and let someone else run the show. Done right, such a business transition allows the owner to relax and enjoy the fruits of their labor. Done wrong, though, the business just might fall prey to unforeseen legal and financial pitfalls.
Many families have suffered the consequence of poor planning when it comes to business transition. After all, no one goes into a business assuming they will retire prematurely or become incapable of continuing to run the operation. That’s why legal counsel is a must — a well-prepared business transition plan protects the business when the time comes for a new owner to take the reins. In fact, a great plan ensures that the rights of the business will be handed over exactly as the original owner wishes, and to whom they wish.
A Specialized Estate Plan for Your Business
There are safe, secure and well-regarded transition and estate planning actions available for the successful practitioner and entrepreneur. Whether utilizing real estate trusts, family partnership, umbrella partnership, or other structures, you can maximize the value of your success and provide the best plan for your family with a few simple actions.
In essence, a strong business transition plan is a proactive way of ensuring that your business continues moving in the direction you envisioned from the start. And having an experienced attorney draft or review the documents gives you confidence in the entire process and can result in avoiding potential problems with taxes, existing contracts, leases, employment agreements, and transfers of interest. An attorney with significant experience can provide prompt and fair business transition services with a total fee established in advance.
Many attorneys can glance at your situation and suggest next steps but not many will take the time to understand your ambitions and draw up a plan that accounts for those goals in both the short and long term. After evaluating your unique circumstances, I will develop a plan to maximize value, minimize taxes, and provide for an orderly transition. And to top it all off, you will know the total fee for service before we implement the plan.
What is the difference between buying a business or professional practice and buying the assets of a business or professional practice?
When you buy a business or professional practice, you are buying the known assets, known liabilities as well as the vast unknown about the business or professional practice. If you buy the assets of a business, you are purchasing the specific assets identified on a bill of sale and/or deed as well as the goodwill of the enterprise. Purchasing a business or a practice is frequently easier on the parties and business will hopefully continue to operate in a seamless manner unaffected by the transition in ownership. The sale of assets requires the transition of real estate interests, creating new employment relationship for the staff, new tax i.d. and new licensing as required for the particular business or practice. The upside of an asset sale is you are not buying into the historic tax problems, claims and lawsuits or employer issues of the prior owner of the assets. I provide representation either for the transaction itself or for one of the parties in either form of acquisition. The services required depend on the choice of a transaction, parties involved and financing requirements. I will review your plans with no obligation and provide recommendations for the services required and the fixed fee charge to complete the acquisition.