Tucson Business Succession Planning Lawyer
Arizona Business Exit Planning Attorney
When you are running a business, you do everything you can to grow, but it is equally important that you take steps to preserve the wealth you have developed. From tax concerns to developing a process to transfer the ownership of your business, an experienced estate and succession planning lawyer can help you prepare for the future of your business.
I am Tucson business succession planning attorney Mark Ralles, and I have been helping businesses across Arizona plan for the future for over 25 years. I will help you to establish your priorities for transition and to assemble the resources you need to reach your goals.
Develop a Business Succession Plan Tailored to Your Needs
Before transition planning can proceed, a Founder or business owner should consider certain questions: What is most important to you and your family? Is it practical to transition ownership or control to the next generation in your family? What are the future financial needs and expectations of your family? If an business owner fails to take the time to answer these important questions, and develop a business succession plan and begin to implement it, the unanticipated circumstances will very likely have an important impact on the end result.
Our law firm will take the time to help you identify the right human resources for the transition of management of your business and address the financial and tax consequences. I follow a specific plan for every client interested in business succession planning, which allows me to address your unique concerns. In addition to assessing financial and business assets, we collect information to ascertain how your business operates currently and how it is held. I will help you to clarify your goals and explain what we can do to help you reach them.
I will never tell you that I can accomplish something that is not possible. I will help you establish achievable goals, and I will be there for you throughout the process so you understand the requirements to achieve them.
Transitioning Business Ownership or Management to the Next Generation
If one of your important goals is to transition ownership or management to the next generation, your most vital inquiry will be whether and how the next generation will work together. JP Morgan, in a portfolio entitled Effective Governance: The Eight Proactive Practices of Successful Families, stated that family management and ownership succeed when family members are committed to a collective identity and are committed to empowering individuals.
To fulfill these requirements for successful family business management, Ralles Law Firm uses a leadership program called “VisioLearning” which engages each member of the next generation of ownership in a process of self-discovery. The four-part VisioLearning program begins with a proprietary personality survey that empowers the individual by opening a path to greater self-knowledge. This foundational knowledge opens for each member a path to finding their own personal leadership voice. And, while “leadership” certainly means something different for each personality, pursuing the discovery of one’s own true leadership voice imparts to the individual the motivation and opportunity for greater personal development and the pursuit of excellence in all facets of life. Where the entire next generation of owners has faithfully completed the VisioLearning program, there will be a solid foundation for the individual competencies, family harmony, and collective identity that distinguishes a successful family business transition. .
If you are ready to conduct a business ownership or management transition, or put a plan in motion to preserve the wealth you have worked so hard to build, I can help. My Tucson offices are open weekdays from nine to five, and I offer off-site and after-hours appointments as well. Contact me today to schedule a consultation and learn more.