According to the Family Business Institute, more than 90% of all operating business enterprises in the United States are family owned or privately held. Many senior generation family business shareholders have not completed any estate planning other than writing a Will. In the next five years, 30% of closely held and family-owned firms will experience a change in leadership due to retirement, disability, or death.
Over 70% of these business fail to transition successfully due to lack of a plan, poorly executed plans, lack of communication about plans, and the resulting mistrust and infighting caused by those deficiencies. Ms. Allison and her team can help.
Oklahoma Business Succession Planning Attorneys
Whether a family company or not, transitioning a business after a key owner’s death, disability, or retirement can be a chaotic and economically devastating time, not only for grieving loved ones, but also for the business, its leadership, employees, and customers. Many businesses fail during the process. Gale Allison and her team's four decades of experience transferring assets to successors can help assure that your business is not among the 90% that don't survive loss of the founder.
Looking to the future with confidence is hard for many business owners. Gale Allison's team can make that long-term view more clear. We listen to your business growth and personal goals, provide options for your specific situation, and advise you on which options can strategically move you toward your goals. We use the wisdom from four decades of experience to assist clients to achieve their goals for their personal estates and business succession. Our attorneys also use the insights gained as tax lawyers and litigators who have had to clean up the devastation left by business owners who made shoddy business succession plans or no plans at all.
Business Succession Tools for Sale, Partnership, Shelter, or Gifting
There are a variety of ways to pass your business on to your successors, once identified. Your goals, tax liabilities, and relationships will have major impact on your business choices. You may want to sell or give your business to others, put it in a trust, partner in some way, retire, or liquidate. Our attorneys help you choose the right tools to avoid the costly chaos that occurs with no business succession plan—or the wrong plan for your goals. Then, our team saves you money by constructing your documents to the attorney's specifications. Visit our Library for handouts.
Tulsa Business Succession Planning Lawyers
The Gale Allison team helps you consider your goals, identify the needs and goals of others invested in your business, explore your options, and design your plan. Once in place, we work with you and your team to update your succession plan as your business grows and your goals change. It is never too early to start thinking about the future of your business. Call 918-492-4500 or email Gale Allison today to discuss business succession planning or another of our practice areas. Feel free to browse our Asked & Answered Blog for topics of interest.