Handing Down the Business

Handing down the Business in  Scottsdale, AZ – Magellan Law

Do your kids know what your business is about? Do they know how to run the business? Do they know your passwords? If you die, will someone be able to pay your employees, your business bills, and supervise the work? Or will your business end up shutting down because there is no one to manage it?

Do your children know your marketing plan? Do they know what your future plans are, or were? Do your kids WANT to be part of your business? What happens if your kids want to do different things with the business? What would happen if your grown kids had to take over your business because you became incapacitated or died?

These are some scary but very real questions. At Magellan Law we have various solutions for most businesses to make this transition easy and seamless. We have set up many business succession plans so the future of your business is secure. Many people worry because their children are young, however this can be okay. Young kids are obviously not going to be left with the stress and daily administration part of the business, however, there are terms that can be used that allow your children to benefit from the profits of the business, have someone else run it, AND allow them to restructure and take over the business once they become a predetermined age.

If your children are grown and have expressed interest in the business, Magellan Law can help you complete the proper paperwork to legally make the transition of the business valid. We also help families organize the Estate Plan and Business Plan so it can be run by someone else if needed.

Contact Magellan Law if you have any questions about a Business Trust or preparing your business for future generations.

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