A Family-Owned Business Attorney Can Protect Your Business, Ranch or Farm
If you are a farmer, rancher or owner of a family business in Yuma, Arizona, your estate plan will have to address some potentially challenging issues that many other people don’t have to think about. For many people, the family business, farm or ranch is not only the way they make their living, but represents an important part of their heritage and who they are.
Unfortunately, the statistics surrounding family farms and businesses don’t bode well for people who want to leave them to the next generation. The numbers say that about 70% of all family-run businesses in the country don’t stay in the family longer than a single generation.
Fortunately, if you have a family-owned business, farm, or ranch, there are steps you can take to plan for transition or succession issues that will take place after you die or leave the business.
Whether your family-owned business is a ranch, farm, small business, large business or anything else, determining what you want to happen to it after you are gone is a vital step to take as you go about the estate planning process.
- Succession Planning. Do you want to pass your family business on to the next generation? If so, what you have to do to make sure the transition goes smoothly? Who will run the business? Who will step in if you become incapacitated? Business succession plans have to address all of these questions, and more.
- Closing Your Business. If you don’t want to pass your business on to the next generation, or you don’t believe anyone is willing to take it over, what options are you left with? If you plan on selling, what is the best way of going about doing this? Where do you start looking for buyers? Do you take the proceeds and use them as inheritances? Even if closing or selling your business is not what you want to do, your plan should be prepared for the possibility that there might not be any other option.
Contact Us for Advice
Deason Garner & Hansen Law Firm has helped family-owned business owners confront their transition and planning questions for years. Whether you are crafting an estate plan that assumes you will sell the business and distribute the proceeds as inheritances, or want to ensure that your family business will stay in the family for as long as possible, we can help you. However, to give you the advice and guidance you need, it’s up to you to take the first step. Start today by contacting us at (928) 783-4575 and scheduling an appointment with Shawn D. Garner or Adam D. Hansen, our experienced attorneys, so we can discuss your concerns. Once we know the details of your circumstances and understand what your long-term goals are, we can help you create a plan that fits your needs.