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Business Succession Planning

Business Succession Planning

Planning for Your Family | Your Future

Business Succession Planning for Nevada LLCs, Corporations, & Other Companies

A company cannot survive without an able owner or manager at the helm. In the event of a key person’s sudden death, illness, or retirement, businesses are often left scrambling to find a suitable replacement. By consulting with a qualified attorney, large corporations and small businesses alike can avoid a tumultuous transition by establishing a succession plan.

Experienced, Professional Business Succession Attorneys serving Las Vegas, Summerlin, Henderson, North Las Vegas, Boulder City, and most areas throughout Nevada and California.

Without a Plan

In most states- but specifically for Nevada & California businesses- if an owner or shareholder does not have a succession plan in place, his or her stake in the company is either passed on to relatives as part of the estate, absorbed by other shareholders, or a combination of the two. In family-owned businesses, this often leads to disputes between siblings and other relatives. Those more active in the day-to-day operations of the business may feel entitled to larger shares than others who are less involved.

In larger corporations, employees and clients may leave the company for fear of instability. Additionally, without prior planning, remaining shareholders may not have sufficient resources needed to purchase the shares of the exiting or deceased shareholder. This can lead to a situation where a spouse or child of a deceased shareholder attains an ownership stake in the company which can result in disputes, stalling progress and possibly leading to a loss of assets. Furthermore, if the exiting shareholder had a management duty, his or her replacement may not be equipped to take over during.

With a Plan

Nevada LLC attorney Tiffany Ballenger Floyd, who has experience with business and estate planning can help owners and shareholders establish a plan that facilitates a smooth transition. Business success plans are customarily created after employees, coworkers, shareholders and family members have been consulted and goals for the future of the company have been outlined.

At Phillips Ballenger, Business Succession planning can be tailor-made to fit any business model and should address the following issues:

  • Keep the business or shares within the family so that a spouse, children, or other relatives can retain control of assets.
  • Offer shareholders or vital employees a larger stake in the company. Interested parties named in the plan will be granted the right of first refusal, or the ability to accept or reject the shares of the exiting or deceased owner before they are offered to individuals outside of the company. The price of the shares can be determined by a valuation method agreed upon during succession plan negotiations. For example, a valuation may require that shares be offered at their prevailing market value, or require multiple professional appraisals
  • Address issues related to your estate plan as well as minimize the potential of estate taxes.
  • Preserve “institutional memory” by empowering advisors to aid the transition team and ensure continuity, oversee day-to-day operations, provide provisions for heirs who are not directly involved in the business, and provide education and training to family members and key employees who will take over the company.
  • Establish measures to ensure the business has enough cash flow to pay taxes or buy out a deceased owner’s share of the company.
  • Implement a family employment plan with policies and procedures regarding when and how family members will be hired, who will supervise them, and how compensation will be determined.

We can aid in making additional arrangements- for instance, we can help to ensure that the business owner or executive’s interest be transferred into a Nevada Trust,  to be paid out to family members. Assets may also be divided among employees or in other cases, it may be best to sell the company. With so many factors to consider, it is important that you consult an experienced Las Vegas business planning attorney who can help protect your interests.

For more information on how our highly-rated Las Vegas Business Succession lawyers can help in your planning, please contact us via email or by phone at 702-997-5701. 

We help protect your business, your estate, your family, your legacy- one step at a time.



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3605 South Town Center Drive Suite B, Las Vegas, NV 89135
| Phone: 702-997-5701

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