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Estate Planning for Business

​All too often, business owners neglect to prepare a Business Succession Plan, an estate planning tool that specifies what will happen to the business should an owner die, retire, or become disabled.  Without a well-planned Succession Plan, should an owner die unexpectantly, the business will be considered an asset of the deceased owner's Estate and will have to go through Probate, with ownership ultimately being transferred according to the Maryland succession laws.  The consequences for a business owner's failure to prepare a Business Succession Plan, could include: a) suspended business operations, b) loss of revenue, c) loss of clientele, d) diminished reputation, and e) possible closure.  A well-planned Business Succession Plan in conformance with your Individual Estate Plan can prevent these consequences.    

Benefits to having a Business Succession Plan

  • Avoids the delay of lengthy Probate process.

  • Avoids a costly Business Valuation/Appraisal at the time of death.

  • Controls how the business will be valued and determines the buyout purchase price.

  • Determines successor owners, ensuring the business is being left to individuals qualified to manage the business.

  • Determines method of payment for the buyout and secures adequate funds to cover the purchase price.  

  • Supports a seamless change in ownership and minimizes the negative impact the transfer will have on business operations.

Starkey Law, LLC can help you develop your Business Succession Plan to ensure the future viability of your  business, offering services such as: 

  • Business Organizational Documents

  • Buy-Sell Agreements

  • Buy-Out Agreements

  • Business Succession Plans

  • ​Business Valuations / Appraisals

  • Special Asset Valuations / Appraisals

Prepare your business for the next generation.  Contact us to determine if a Business Succession Plan is appropriate for you. 

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