Business succession planning: What is it?
Business succession is the process of selecting a successor and creating a strategy to make it work. Even though many business owners put off business succession planning until the very last minute, it’s an essential step in assuring the company’s survival in the future.
Planning for business succession is important for your professional and personal well-being even if no one wants to consider passing their hard-won firm on to someone else or reaching the point where an exit strategy is required.
Planning for business succession effectively avoids misunderstandings and guarantees that your family firm will continue to thrive and expand even after you retire. Effective succession planning will also lower the expense and liabilities related to the transition.
Creating a Family Succession Plan
Many people invest years of their lives and build family companies in the hopes of seeing them succeed. But when the time comes to transfer control of the business. When this occurs, the majority of people plan for family succession. For people whose children or other family members are interested in taking over the family business, family succession is the best choice.
Hire a Lawyer
Even, and especially, if you’re handing your business over to a family member, you’ll want to hire a lawyer to help you.
Because most family succession cases involve a significant transfer of assets, having a lawyer on board will help ensure that you make good tax decisions, that you keep your assets safe, and that your family members take over with a contract that’s favorable to them.
Business Succession Attorney Free Consultation
If you have any questions or in need a Business Succession Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Business Succession, Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
When you need a Lawyer, contact this law firm:
Parklin Law
Taylorsville, Utah
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Taylorsville, Utah
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Location in Salt Lake County and the state of Utah.
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| Coordinates: 40°39′18″N 111°56′58″WCoordinates: 40°39′18″N 111°56′58″W | |
| Country | United States |
| State | Utah |
| County | Salt Lake |
| Settled | 1848 |
| Incorporated | July 1, 1996 |
| Named for | John Taylor |
| Government | |
| • Mayor | Kristie Overson |
| • City Council | Ernest Burgess, Anna Barbieri, Meredith Harker, Curt Cochran & Bob Knudsen |
| • Presiding Judge | Christopher Bown |
| Area | |
| • Total | 10.85 sq mi (28.10 km2) |
| • Land | 10.85 sq mi (28.10 km2) |
| • Water | 0.00 sq mi (0.00 km2) |
| Elevation | 4,295 ft (1,309 m) |
| Population
(2020)
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| • Total | 60,448 |
| • Density | 5,571.24/sq mi (2,151.17/km2) |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP codes |
84129, 84123
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| Area code(s) | 385, 801 |
| FIPS code | 49-75360[2] |
| GNIS feature ID | 1433206[3] |
| Website | http://www.taylorsvilleut.gov/ |
Taylorsville is a city in Salt Lake County, Utah. It is part of the Salt Lake City metropolitan area. The population was 60,448 at the time of the 2020 census. Taylorsville was incorporated from the Taylorsville–Bennion CDP and portions of the Kearns metro township on July 1, 1996. The city is located adjacent to Interstate 215 and Bangerter Highway. It is located in the middle of the Salt Lake Valley.
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— Parklin Law (@VA_ParklinLaw) December 7, 2022
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