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Business Succession Planning for Retirement

How Patricia M. Davis, Attorney at Law Can Help

If you have a business and are thinking about retirement, you need to make arrangements for the succession of your company. A business lawyer will be able to explain all of your options and help you prepare for the transfer of your business into new hands. You may sell your business interest outright to a family member or someone else for the full market value (FMV) of the company, and receive cash or assets you can use to support you during your retirement. Another option is negotiating a buy-sell agreement, which names a party who will purchase your business interest after a certain event, such as your retirement. Your attorney can prepare this kind of document for you.

When it comes to business succession, you want to know your company will be protected. Law Office of Patricia M. Davis has been representing legal clients for more than 30 years and is licensed to practice business law in both Texas and Oklahoma. As a former Bankruptcy Counsel for the Federal Deposit Insurance Corporation (FDIC), I can put my knowledge of business and finance to use for you in securing the succession of your company.

Business succession: making plans for the future.

You may also be considering a private annuity, which transfers the complete ownership of your business to a buyer who makes an unsecured promise to pay you periodically until the end of your life. If you are married or have children, you might want a joint and survivor annuity, which would allow for payments to be made to you and your surviving wife, husband or other designated individual.

If you choose a self-canceling installment note, your company's buyer will make various payments to you under a promissory note, and in the event of your death, any remaining payments will be canceled. These options and many others are available to you when it comes to the succession of your company, and a Houston business lawyer will be able to advise you on the best choice for you. Call now to set up an initial consultation.

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Patricia M. Davis, Attorney at Law - Houston Business Law Attorney
Located at 3334 Richmond Avenue, Suite 206 Houston, TX 77098. View Map
Phone: (713) 489-7784 | Local Phone: (713) 621-2552.