Ginsberg Shulman, PL — Board Certified Estate Planning and Elder Law Attorneys in Fort Lauderdale, FloridaGinsberg Shulman, PL — Board Certified Estate Planning and Elder Law Attorneys in Fort Lauderdale, Florida

Business Planning

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Proper business planning is essential to the long term success of your company. Whether you are a new business or an existing business going through transition, I can help guide you through planning and preparing for your future. I assist clients in the initial set up and structuring of their entities, succession planning, asset protection, and organizing for growth.

Regardless of the size of your business, planning for your company’s future will prepare you for subsequent growth and transitional phases. My goal is to ensure that there is a smooth transition between current operations and the future of the business.

New Businesses – Planning for Future Growth

Starting a new business can be an exciting time. It can also be difficult to navigate the plethora of paperwork required to register, license, and set up your business. Choosing what type of company to form, from an LLC to an S-Corporation can make a difference in the growth pattern and liability you will face in the future. Business planning can become particularly complicated in cases of family businesses due to the emotions and familial relationships involved.

Business Planning for Established Businesses

Established businesses have specialized needs when it comes to tax planning, growth management, and ownership. We can help established businesses navigate transitional phases, weather financial difficulties, and manage equity partners. Structuring your growth can make a significant difference in your future tax burden and government requirements. Established businesses also need to plan for situations where the business owner may not be able to care for the business or where the business may fall on financial difficulties. We can help you answer those difficult questions now, before something happens, and help you avoid difficulties down the line.

Succession Planning

Far too often, business owners treat succession planning as an afterthought. They simply do not prepare themselves or their companies sufficiently enough to ensure that whenever they exit the business and for whatever reason, they are able to do so with the peace of mind in knowing their business is fully protected for its maximum potential value. Studies show that as many as 70% of all family-owned businesses are not able to survive the critical transition from the founder of the business to the next generation. Family discord and taxes can both destroy what was once a thriving family business.

At Ginsberg Shulman, we work closely with Florida business owners and companies of all sizes to create succession plans that help owners simultaneously protect their businesses, families, and retirement dreams. We can reduce tax liabilities by crafting and implementing holistic plans that integrate business succession and estate planning strategies while increasing the value of assets passed on to heirs.

Answering Vital Questions About the Future of Your Business

Regardless of your specific circumstances, a business succession plan can and should provide answers to these fundamental questions about the future of your business and your finances:

  • When owners want to sell or transfer their ownership interests, is there a written operating agreement, shareholder agreement, or buy-sell agreement that sets forth how and when they can do so and who can acquire their interest?
  • Have you named and prepared a successor who can take over management of your business if something happens to you tomorrow?
  • Do you have a plan for ownership, control, and governance of the business in your absence?
  • Is there a document that clearly delineates the roles and responsibilities of shareholders or members?
  • Is there enough liquidity in your company to avoid a forced sale?
  • Are you relying upon your interest in the company to meet your personal cash flow needs for retirement, and if so, how will you ensure that you have sufficient income for those needs?

How to Start Your Business Succession Planning

Besides meeting with experienced business succession planning counsel, here are three ways you can jumpstart your efforts:

Start today. With business succession planning, sooner is definitely better than later. If you have already started to think about handing over the reins or retiring in a few years, you simply have no time to waste. Even well before then, the unexpected can always happen and leave your company in the lurch.

Assemble your team. The legal, tax, financial, and practical implications of an ownership and leadership transition can be overwhelming. That is why it is important to assemble a seamless team of professionals, including attorneys, accountants, tax advisors, and senior leadership at your company, to consider and account for all aspects of your planning.

Talk. Open discussion and communication with family members and company leadership is critical to a smooth transition and minimizes the chance of disagreement and confusion later.

Whether you are just starting up a business or have a well-established business, planning to protect the financial future and management of your company should be a priority. Please contact Ginsberg Shulman today to discuss how we can help you with your business planning needs.