Business Succession Planning in Colorado
Making Plans for the Future Success of a Family Business
For owners of a family business, ranch, or farm, estate planning is critical to the ongoing success and preservation of the business. Failure to plan ahead may result in estate taxes which jeopardize the existence of the business and may force a "fire sale."
By planning ahead the small business owner can:
- Reduce or eliminate estate taxes
- Avoid the expense and delay of probate
- Select a business entity that will protect personal assets and the business
- Provide for an orderly transition of leadership to the next generation
- Prevent a family member from selling their interest in the business to third parties
- Provide a mechanism for settling family disputes regarding operation of the business
- Provide for the purchase of a deceased family member's interest
- Develop a business succession plan that will ensure the continued success and prosperity
A well-crafted business succession plan provides peace of mind, defuses potential conflicts among family members and minority owners of the business, and insures the ongoing viability of the family business.
The Experienced Counsel You Need
The James A. Littlepage Law Offices provides detailed and personalized estate planning services for farmers, ranchers, and small business owners. As a former CEO of a business with $50,000,000 in annual sales, Attorney Littlepage has the knowledge and expertise to assist you in establishing a business succession plan that will enable your business to grow and prosper during your lifetime and after your death.
He was was recognized with a 2015 and 2016 Five Star Estate Planning Attorney℠ award. In 2014, 2013, 2012, 2011 and 2010 he received the Five Star Wealth Manager℠ award, as seen in 5280 and ColoradoBiz magazines. Jim has helped thousands of clients throughout Colorado during his over 40 years of legal experience.
To learn how a business succession plan could protect your family's assets in the future, contact our Denver estate planning lawyer today. You can reach us at 303.756.5808 to schedule your initial appointment.