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Business Succession Planning

Delaware Business Succession Planning Lawyer

Business Succession Attorney in Delaware

One of the most difficult yet necessary decisions a business owner must make is how to effectively involve his or her children in the business. One of the primary issues to be addressed is how should the business be passed on to the next generation. In a situation involving multiple siblings this decision can become even more convoluted and difficult to navigate. Other factors involved in business succession planning revolve around business law, corporate law, tax law and estate planning law.

When formulating a business succession plan in Delaware it may make sense to consult with a skilled Business Succession Planning Attorney. At Carucci Butler, LLC, Matthew Carucci has several years experience in dealing with all areas of business law, business succession planning and estate planning law. Please contact his office at 302 654 5083 regarding your business succession planning needs. Or, you can click here to email Mr. Carucci.

Communicating A Business Succession Plan

One very important aspect of proper and effective business succession planning is communication. All involved in the business, whether they are owners, management or next generation family members, should be kept aware of any future plans or changes regarding the existing family entity. If appropriate planning is not implemented, or if employed too late, it can ultimately result in the demise of the business.

Efficient, meticulous business planning can never begin too early. Once a plan or strategy is in place it should be reviewed periodically to make sure it still fits the realities of the business as well as the family relationships of those who will ultimately take over the business. Several people should be involved in this process including the entity's principal, an accountant, a businesses lawyer and an insurance agent. A proper plan should be able to anticipate possible areas of trouble or obstacles. Some of these include death, disability, divorce and disagreement among principals. A well thought out business succession plan should also make sure there are no discrepancies between the current owner's individual estate planning and their business succession plan.

While your attorney is the principle planner, it is important to work with a skilled team, as mentioned above. The attorneys at Carucci Butler, LLC, have an extensive network of accountants, insurance agents and other professions with whom they are able to work to put together the strongest succession plan for your business.

Contact A Skilled Delaware Business Succession Planning Lawyer

If you are contemplating passing your business to your family or family members please do not hesitate to contact The Law Offices of Carucci Butler, LLC, in Wilmington, Delaware. Mr. Carucci can be reached at 302 654 5083 and will be glad to assist you with your business succession planning needs. Carucci Butler proudly serves business owners in all 3 counties in Delaware.

 

Carucci Butler, LLC offers free initial consultations with the exception of domestic cases.