Boston Business Succession Planning Lawyer
Business Succession Planning Attorney in Boston
Steering Your Company Into The Future With A Steady Business Succession Plan
When starting and building a business, one must not overlook a solid business succession plan. You and your family have devoted a great part of your time, sweat and patience toward building the company, so now you want to see it continue after your death. A succession plan for any business is critical, which is why a well-organized estate plan must address it. As a trusted Boston Business Succession Planning Lawyer, Albanese Law, LLC, of Milton, Massachusetts, has guided many company owners in business succession planning.That’s why a well-organized estate plan must address it. Albanese Law, LLC , of Milton, Massachusetts, has guided many company owners in business succession planning.
Our firm has more than 10 years of experience assembling such plans for clients throughout the Boston area and eastern Massachusetts. We will guide you in your decision-making that will provide direction, clarity and peace of mind to surviving family members. We will help you protect your family and protect your business. Schedule a call today.
Helping You Understand Your Elder Law And Estate Planning Options
Business Succession Planning in Boston, Massachusetts
Business succession planning is crucial for Boston companies, especially family-owned businesses. Without a clear succession plan, ownership interests may become subject to Massachusetts probate, causing delays and potential disruptions in operations. Effective succession planning helps avoid probate complications, ensures financial stability for families and employees, and minimizes conflict among stakeholders. In Massachusetts, tools such as revocable living trusts and buy-sell agreements are commonly used to facilitate smooth transitions and protect business value. Early and strategic planning is essential to maintain business continuity and generational wealth
Providing Direction, Preventing Dissension
A smooth and successful transition is your goal in handing down your business. An experienced estate planning attorney will provide the insight in creating a succession plan. And when you take this step, you must let your family know your intentions. Let them know about your decisions regarding the future of the business and their respective roles in how it will be run. This way, surprises will be avoided during the reading of your will.
What happens if a succession plan isn’t in place? The very existence of the business may come into question. Possible scenarios include:
- The surviving family members must sell the business.
- Disputes surface among surviving family members regarding ownership stake.
A solid business succession plan will prevent such situations. Our law firm will help you avoid these problems. We are dependable, resourceful, experienced and knowledgeable.
FAQs
1. When should I start planning for business succession?
It’s best to begin business succession planning early, even if you are years away from retirement. Unexpected events like illness or death can occur, so having a plan in place protects your business and family from uncertainty.
2. What tools are commonly used in business succession planning in Massachusetts?
Common tools include revocable living trusts, buy-sell agreements, and detailed estate plans. These help facilitate smooth ownership transfer, avoid probate delays, and maintain business value.
3. What happens if I don’t have a business succession plan?
Without a plan, your business may face probate complications, family disputes, or even forced sale. This can disrupt operations and jeopardize the legacy you’ve worked hard to build.
Call Our Boston Business Succession Planning Lawyer For Solid, Tangible Advice
A solid business succession plan may ensure that your family-owned company will continue to have a long lifespan. And this plan will protect your family and your business, while preventing any potential arguments over control of the company. With more than a decade’s worth of legal experience, Albanese Law, LLC , of Milton, Massachusetts, is ready to provide the direction you need. For a complimentary initial consultation, contact a lawyer at 617-698-8004 .
