Bellingham Business Succession Planning
Promoting smooth transfer to the next generation
Bellingham business succession planning can be a complex matter involving elements of both corporate law and estate planning. But for small businesses where management authority rests with a few individuals, the death or incapacity of one can cripple a business if it fails to put a thorough succession plan into place. The law firm of Adelstein, Sharpe & Serka LLP has a staff of attorneys who have the corporate, property and estate planning experience to help owners prepare their companies for the unexpected.
The process of planning for business succession
If you are the owner of a small or medium business, your employees and family rely upon you to make decisions every day. And if an accident or sickness makes you unable to make those decisions, the resulting power vacuum can lead to gridlock. But you can take steps to avoid this and to safeguard the future of your company by planning for death or incapacity early with the help of a business attorney in Bellingham.
There are numerous components to business succession planning that attorneys in Bellingham, WA must address. A business owner may need to adjust formative documents, such as partnership or operating agreements, articles of incorporation, bylaws or shareholder agreements to address how the company should proceed if a manger or owner is incapacitated. For businesses operating as sole proprietorships, organizing as a legal entity may be advisable to facilitate an easier transfer.
In addition to adjusting corporate or other governing documents, thorough estate planning may also be necessary to ensuring the orderly transfer of your business. Through a comprehensive will, you can clearly establish who is to assume your ownership interest in your company upon your death. Equally important, establishing a clear power of attorney can give a trusted loved one or colleague the legal authority to make business decisions on your behalf should you become unexpectedly incapacitated due to illness or injury.
Our experienced attorneys can help you safeguard your business
For more than 38 years, the attorneys of Adelstein, Sharpe & Serka LLP have been helping businesses in Washington State and lower British Columbia put plans in place that keep them running smoothly if the owner is incapacitated and ensure an orderly transfer to the next generation. From our offices in Bellingham, WA, we serve clients throughout Whatcom, Island, Skagit and San Juan counties and British Columbia, providing an alternative to the expensive and impersonal Seattle firms. Contact us today online or by calling 360.671.6565 to schedule a consultation.