A Law Firm That Can Handle All Elements Of The Business Succession Process
Since 1946, the law firm of Fulcher Hagler LLP in Augusta has been providing business succession guidance to clients throughout Georgia and South Carolina.
A business succession typically involves elements of tax planning as well as business law and estate planning. Because of our strong focus on all three of these legal areas, we are a strong resource for business owners entering into the business succession process.
Tax Planning And Other Considerations
Without careful planning, the tax burden inherent in a business succession can prove crippling. By using trusts and other business-friendly asset protection tools, we can help your business transition while sparing you unnecessary taxes and other expenses.
We can guide you through all the challenges of the business succession process, including:
- Choosing a successor: Determining your successor is a critical piece of succession planning. Some people want to keep it in the family, and others want to look for the most qualified person available in the market. If there are multiple owners, it is important to make sure every stakeholder gives approval of the succession plan.
- Planning for the transition: Whomever you choose to succeed you will need some training and transition time. It is important to plan this time out as part of the overall succession plan.
- Individual financial planning: In addition to the business law side of the succession plan, it is important to integrate your succession plan into your own personal estate plan. Your will, trust documents and other estate planning instruments will need updating as you execute your business succession plan.
- Dispute resolution: Disputes arise frequently in succession planning. Co-owners and other stakeholders often disagree over how a succession plan should be created, and disputes often arise in the execution of a succession plan.
By carefully handling these issues, we can provide you with maximum tax savings while ensuring a firm legal foundation for the new generation of business leaders.
We Can Help You Navigate Through This Complex Process
If you are seeking legal guidance for a business succession in Georgia or South Carolina, our attorneys are here for you. To arrange a legal consultation with an experienced business succession lawyer in Augusta, contact our law offices online or by telephone at 706-724-0171.