Our Atlanta business succession planning attorneys work with business owners across Georgia to design strategies that safeguard their legacy, minimize taxes, and ensure a smooth transition.
Your business represents years of hard work, financial investment, and sacrifice. Without a clear succession plan, everything you have built could be at risk. Your family may face financial strain, overwhelming tax burdens, or even the loss of the business.
Two Key Parts of Georgia Business Succession Planning
Effective business succession planning in Georgia requires two essential components: deciding who will take over day-to-day operations when you step away and establishing how ownership will transfer to the next generation or a new owner.
Special Considerations for Georgia Family-Owned Businesses
Family-owned businesses face unique needs when it comes to succession planning. Owners often need to decide which family members will step into leadership, make sure those not active in the business are treated fairly, and protect family relationships throughout the process.
With tools such as buy-sell agreements and fair compensation strategies, a well-designed succession plan can support both the business’s success and family harmony. Our Atlanta succession attorneys have the experience and expertise to help you navigate each step with confidence.
Avoiding Tax Traps During Business Ownership Transfers
Without strategic planning, you could lose a significant portion of your business’s value to taxes. Our Atlanta business succession planning attorneys use proven tax-saving strategies to help Georgia business owners protect what they’ve built. For example, we guide clients in setting up trusts, transfers, and charitable structures, address tax issues before a deal closes, and time ownership transfers during favorable tax conditions. These strategies preserve wealth, reduce tax burdens, and help prevent a forced sale of business assets.
The Role of Buy-Sell Agreements
A buy-sell agreement protects your Georgia company against the unexpected. It sets clear rules when “triggering events” occur, such as an owner passing away, becoming incapacitated, retiring, filing for bankruptcy, wanting to sell their interests, or being involved in a divorce that impacts ownership shares.
Without a buy-sell agreement, your business could face forced sales, ownership disputes, or interference from outsiders.
Imagine this scenario: your business partner passes away, and their spouse, who knows nothing about your business, suddenly owns half the company. Worse, they might want to sell to a competitor. Situations like this happen all the time.
A Georgia buy-sell agreement can protect your business from life’s uncertainties in the following ways:
- Defines succession rules that activate automatically – Predetermined rules avoid confusion and conflict about who steps in or how ownership transfers.
- Establishes clear valuation methods – Disputes often arise when owners or heirs disagree on what the business is worth. A buy-sell agreement should include valuation methods that set a fair market value.
- Uses funding mechanisms to provide liquidity for buyouts – Many buy-sell agreements use life insurance or disability insurance to provide the funds needed for buyouts. This avoids the need to use company resources or force a sale to outsiders.
Talk to an Experienced Georgia Business Succession Lawyer
At Thrift McLemore, we understand the challenges Atlanta business owners face when planning for succession. Our business succession planning attorneys are here to help create a plan that protects you, your family, your business, and the legacy you worked hard to create. Call us at 678-882-0830 to schedule a consultation.