Business Succession Planning Lawyers in BC
It is crucial for business owners to prioritize succession planning to ensure the ongoing success and sustainability of their businesses. At Vest Estate Law, our experienced succession planning lawyers help clients navigate the complex process of creating a comprehensive succession plan.
Why Your Business Needs a Succession Plan
Unexpected events can happen at any time, potentially leaving your business in a state of confusion and uncertainty. By having a well-crafted succession plan in place, you can maintain business continuity, prevent future problems, and provide peace of mind for all stakeholders, including business partners, employees, suppliers, customers, and your family.
What to Include in Your Business Succession Plan
At Vest Estate Law, our succession planning lawyers have extensive experience in various areas of law, including estate planning, business law, family law, and real estate law. We work closely with our clients to develop a comprehensive succession plan that addresses their unique business and personal goals. Some of the key components of a succession plan include:
- Business valuations
- Tax planning
- Shareholders’ agreements
- Marriage agreements
- Living trusts
- Wills
- Estate planning
- Power of Attorney
- Life insurance
Succession Planning Tips for Business Owners
- Start planning early: The earlier you begin succession planning, the smoother the transition will be when the time comes.
- Discuss your plan: Open a dialogue with those who may be affected by your decisions to ensure that your plan does not have unexpected consequences.
- Select your exit strategy: Consider the various options for exiting your business, such as passing it on to a family member, selling to a partner or employee, or a hybrid strategy.
- Identify and train your replacement: Select, train, and develop a successor who possesses the necessary skills and desire to take over the business.
- Plan for the transfer of your business: Consider tax planning, commercial transactions, corporate structure, and estate planning when preparing to transfer your business.
Get Started on Your Business Succession Plan
To ensure that your exit plan meets all of your goals for the future, contact the experienced succession planning lawyers at Vest Estate Law. Begin with a one-on-one consultation to discuss your unique needs and start building a comprehensive succession plan that safeguards the future of your business, your family, and your retirement.
Our Vancouver intake staff are standing by to help you. Call (604) 256-7152 [toll free 1 (877) 415-1484] or contact us online to schedule an appointment.
We also have a dedicated intake form to help you get the ball rolling. Our intake team will review your specific case and advise you on the next steps to take, as well as what to expect moving forward.
Our Vancouver office is open 8:30 a.m.—4:30 p.m., Mon—Fri.
Myron Plett
WILLS and ESTATES LAWYER
Myron is a seasoned litigator with nearly twenty years of experience and a broad range of skills that has led to significant successes in the Provincial Court of British Columbia, the Supreme Court of British Columbia. He has also taken his clients to victory before tribunals such as the Residential Tenancy Branch and the BC Human Rights Tribunal.
