Many of us dream of opening our own business. In doing so, we put everything we have into its creation. We know that when we retire, we will want to pass that business on to those we trust and who can help the venture continue to thrive.
For over 30 years, attorney Anita O'Meara has helped Pennsylvania owners of restaurants, construction companies, farms and family-run businesses put together business succession plans. Because of her extensive estate planning experience, she can provide you with a blueprint to ensure that the company's operation takes place according to your desires.
Taking Account Of Your Business When Creating An Estate Plan
Putting together the right business succession plan will help ensure that you will turn your business over to the people of your choice. There are three essential aspects that you will need to keep in mind when considering passing your business on to the appropriate people. You will want to have:
- A clear and workable strategy concerning the transfer of business ownership: It is essential to designate the new owners and operators of the business and provide instructions so that the business continues to operate in the manner you desire.
- Insurance coverage in case of unexpected occurrences: An injury, illness or death of the business owner can wreak havoc on the business. It is essential to have funding to keep the business operating if such an event occurs. Insurance coverage can provide funding during this difficult time.
- A plan to minimize taxation and expenses when changing ownership: The last thing a business needs during a transition is to face unexpected expenses. Understanding how to avoid or minimize such costs is essential to the business's long-term success.
Our attorney understands your aspirations. As a small business owner herself, Anita knows the pitfalls that a business can face and how to keep it operating. She also understands the steps to take for a smooth transition when you pass your business on to your successors.
The Goal Of Serving You
It is vital to have skilled and knowledgeable legal guidance regarding your estate planning needs. Contact The O'Meara Law Firm, PC, by calling 610-383-4008. You can also reach us online. From our Coatesville office, we routinely assist residents of Chester, Delaware, Lancaster and Montgomery counties.