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Twin Cities Attorneys Who Can Help Secure Your Business’s Legacy

Stepping down from running a business is a big decision. Whether you’re choosing to sell or pass your business down to a trusted friend or family member, it’s crucial to have all the details in place for a smooth transition.

Our attorneys at Gries Lenhardt Allen, P.L.L.P., are experienced in business law and business succession planning. We understand the importance of having a strategy ready for when the time comes. With offices in St. Michael, Blaine and Bloomington, we help business owners across Minnesota build a strong succession plan that will take care of their company’s future and protect its legacy.

Why Is A Business Succession Plan So Important?

Businesses thrive on efficient operations from top to bottom. When everyone understands their daily procedures, it keeps the company running smoothly. A succession plan offers the same – a way for businesses to continue functioning without major disruptions during leadership changes.

A business succession plan can help with the following:

  • Minimizing disruptions and costs: With a succession plan in place, companies may not need to close temporarily, which can impact their revenue.
  • Retaining knowledge and relationships: Keeping strong talented employees is crucial during major company changes. A succession plan ensures that everyone is on the same page and is prepared for any potential transitions.
  • Preserving business value: A good, long-term plan is useful when working with investors and shareholders. They will feel more confident knowing you have a strategy for the future.
  • Protecting against unforeseen risks: Unexpected events such as a disability, illness or death may force you to step down sooner than you intended. A succession plan prepares for that possibility and keeps your company afloat in a difficult time.

Our lawyers are dedicated to creating smart and thoughtful succession plans that fit the unique needs of your business.

The Overlap With Estate Planning

A business succession plan often goes hand-in-hand with estate planning. An estate plan focuses on protecting your personal assets, which can include certain pieces of your business, as well as establishing specific medical wishes and other legal protections for the future. This is where the two often overlap. Unforeseen events such as a disability or death can have an immediate impact on your business. When you’re unable to continue running your company, you need a solid strategy that ensures a smooth transition. By creating a strong business succession plan that works together with an equally efficient estate plan, you’re able to cover all your bases.

Our firm’s attorneys are knowledgeable in estate planning as well as business succession planning. This unique area of law can be complex without proper guidance from a skilled lawyer. Our team knows how to navigate the intricacies so that you can feel confident about the future.

We’re Here To Help You Get Started

Business succession planning is crucial for the continued success of your business. By taking action today and establishing a thorough plan, you can rest assured that your company can continue running even in unforeseen circumstances.

Contact our firm today at 612-568-0023 to schedule an appointment. You may also complete our online contact form to send us information about your legal needs; however, the submission of the online contact form does not create an attorney-client relationship.