Atlanta Business Succession Planning Lawyer
Helping Business Leaders Protect Their Interests
Succession planning prepares a business for every eventuality so that operation can continue to operate in case tragedy strikes, such as the death, retirement, illness, or incapacity of a key member of the leadership team. A business succession plan is a legal strategy to pass on the leadership roles in a company to ensure the enterprise transitions smoothly.
Planning to Ensure Business Survival
A business succession plan involves planning for the future by evaluating the candidates as potential replacements for key players upon retirement, disability, or death. Every business succession plan is entirely unique and may involve transferring ownership to a co-owner, heir, key employee, outside party, or distributing ownership to the remaining owners.
Succession Plans for Family-Owned Businesses
Family-owned businesses should have a succession plan in place to avoid certain pitfalls that could damage or destroy the operation. For example, succession planning can be used to address potential stock ownership of a spouse if a family member is divorced or dies.
If you're planning to pass ownership of your business, several issues should be evaluated:
- Determine which family member will take the reins.
- Ensure written instructions are in place on which family member will take over.
- Determine how your other heirs will be compensated.
- Create a buy-sell agreement that can allow any heir who is not interested in the business to sell their shares back to family members who are involved.
Succession Plans for Large Corporations
For larger corporations, a business succession plan involves hiring, training, and identifying candidates that can rise through the ranks, along with grooming them for executive positions in the future, a powerful strategy for retaining top talent.
Atlanta Business Succession Planning
A business can fail when a key employee retires, quits, becomes seriously ill, or dies. Putting a plan in place with this eventuality in mind is critical to the continued success of your enterprise.
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Robert S. Meyring AttorneyRobert S. Meyring is the managing attorney of Meyring Law Firm (established 2007). Before law school, he worked as an FDA investigator, was a Peace Corps volunteer high school science teacher in Tonga, South Pacific, and was the owner/operator of a residential landscape firm.View Profile
Helping with Estate Planning & Probate
In Atlanta, Georgia
Our legal team proudly serves clients all across the greater Atlanta area!
- Sandy Springs
An individual can write his own will in Georgia but must follow certain statutory rules laid out in order to ensure the will is deemed valid by a probate court.
People hire a probate attorney because the benefits of having an attorney outweigh the costs of time and effort. Mainly people hire a probate attorney to save time and energy, reduce their worries, and navigate the probate process with a professional. So no, you do not need a lawyer to probate a will, if it is worth the time and effort to do it yourself.
Executor is the person named in the last will and testament that's appointed by the probate court to administer the estate of the decedent according to the will.
In Georgia, there is a legal mandate for the holder of a will to submit it to the court for probate per O.C.G.A. § 53-5-5. If a will is not filed with the court, any heir or beneficiary can petition the court to direct the will holder to file the will with the proper court. Wills are meant to be public documents once the grantor has passed away. Sometimes if a will is not filed with the court, beneficiaries and heirs cannot take legal possession of assets specified in the Last Will and Testament.