Business Succession Planning

Planning for the Future of Your Family's Business

Many families pass closely held family businesses from one generation to the next. Business succession planning takes more than giving a family member the keys to your business. Without a proper succession plan, your family may not stay in control of your business.

At Ingraham Pautienus & Tidwell, PLLC, located in Brentwood, just outside of Nashville, Tennessee, our attorneys help people with business succession planning in order to prevent problems before they arise. Do not go through this process without legal guidance and the assistance of a certified public accountant (CPA). We will draft contracts that clearly lay out a plan that will avoid any confusion. Make sure the transition of your family's business is smooth, contact us for a free initial consultation.

Business succession planning is not just one simple event; it is a process that you should start long before you need it. We start by sitting down with you to determine your goals and concerns. We create strategies that meet those objectives in a way that you understand and are comfortable with completing.

What are your concerns about your family's closely held business? Here are some of the more typical concerns people face during business succession planning.

• When do you want to retire, now or five years from now?
• Do you want your children or business to buy you out?
• Are you going to hand down your business to your children in a will or gift?
• Do you have to worry about your non-family business partners?
• What is a limited family partnership, and is it appropriate for you?

One of the most difficult things to consider in business succession planning is determining which family member will control your business. It is important have a full grasp of this before establishing business plans that turn over your business's control. We will sit down with you and your family to create a plan that makes everyone as happy as possible.

At Ingraham Pautienus & Tidwell, PLLC, our lawyers have 60 years of combined legal experience. We will sit down with you to determine your needs. For more information about business succession planning, contact us for a free initial consultation. We advise businesses owners throughout Middle Tennessee, including people in Clarksville and Franklin.