Scottsdale Business Succession Planning Attorney
When you hire Sorrell Business & Tax Law as your business succession planning lawyer, you...
Access 25+ Years of Experience
From restructuring agreements to navigating complex tax implications, you can rest assured your business succession plan is legally sound and optimized for success.
Gain Peace of Mind
Focus on running your company and enjoying life, knowing your business succession plan is in capable hands. Secure the future of your business for generations to come.
Maximize your Success
We take a proactive approach and are committed to excellence. Let us help you achieve your goals and secure a prosperous future for your business and loved ones.
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Why is Business Succession Planning important?
Whether you own a small business or run a large corporation, succession planning is critical for ensuring your company’s continuity and survival. At its core, it involves outlining a strategy for transferring ownership and leadership responsibilities to the next generation or successor in a seamless, organized manner. This process is essential for several reasons.
First, a succession plan provides clarity and direction for the company’s future, especially in cases where the current business owner or leader can no longer run the company or no longer wants the responsibility. By designing successors and outlining their roles and responsibilities, the owner can ensure the company’s stability.
Preventing Disputes and Conflicts
Planning also helps prevent potential disputes and conflicts between co-owners or family members employed in the company. Without a clear plan in place, disagreements over leadership, ownership, and decision-making authority can arise. These disagreements can lead to operational disruptions, jeopardizing the company’s long-term viability. A well-crafted plan anticipates and addresses such conflicts, establishing protocols for resolving disputes and ensuring a smooth transition of power.
Sorrell Business and Tax Law: Business Succession Planning Attorney in Scottsdale, Arizona
Sorrell Business & Tax Law focuses on providing comprehensive legal counsel. We have extensive experience in many areas. These include:
- Contract creation
- Shareholder agreements
- Successor identification
- Business dissolution
- Restructuring
- And many others
While other firms may offer similar services, Sorrell Business & Tax Law provides a personalized approach that’s unmatched. Larger firms may treat clients as just another case. Every Scottsdale business succession planning attorney on our team takes the time to understand each client’s specific needs and goals, providing strategic guidance and practical solutions that maximize success and minimize risk.
You deserve Sorrell Business & Tax Law’s style of representation, which includes an unwavering commitment to client satisfaction. You want a firm that goes above and beyond to deliver exceptional legal services and results. That’s precisely what you can expect from us.
Meet Whitney Sorrell, your Scottsdale Business Succession Planning Attorney
Whitney Sorrell is a Scottsdale business attorney with an in-depth knowledge of tax law. He earned an LLM Tax from the Boston University School of Law in 2021, a Juris Doctor from the Arizona State University College of Law in 1998, and an MBA from the University of Phoenix in 1995, where he graduated Summa Cum Laude. Prior to law school, Whitney worked as an IRS Revenue Agent conducting field audits throughout Arizona.
Whitney’s understanding of tax law and IRS procedure makes him the perfect choice for business owners looking to design a tax-efficient business succession plan.
JD, MBA, LLM (Tax)
Certified Public Accountant
Former IRS Agent
30+ Years of Experience
Delivering Results
Whitney is also a well-respected author of several articles on taxes and estate planning. He regularly makes presentations across the nation on estate planning and other tax-related topics. Whitney also delivers results, having saved his clients more than $75 million on their taxes.
What to Consider when Creating a Succession Plan in Arizona
When creating a succession plan, it’s essential to consider several key factors. These factors include:
Who will be the successor manager and owner? Identifying the right person to take over leadership is crucial for the company’s continuity and success.
Should ownership be transferred, or should you simply sell the company? A Sorrell Business & Tax Law Scottsdale succession planning attorney can help you determine whether transferring ownership within the family or selling the business to an outside party best meets your objectives and goals.
Are there tax liabilities to consider? Assessing potential tax implications and strategies for minimizing tax liabilities is essential for preserving the company’s financial health and maximizing shareholder returns.
Addressing these concerns and obtaining guidance from a Sorrell Business & Tax Law Scottsdale business succession planning attorney can help you create a comprehensive plan that safeguards your company’s future and legacy.
Steps in Creating a Business Succession Plan
Your succession plan must include several essential steps to ensure a smooth and successful transition of ownership and leadership. These steps include:
Living Trust
Gather all relevant legal, financial, and operational documents related to the business. These include articles of incorporation, financial statements, employment agreements, and more.
Last Will & Testament (Pour-Over Will)
Conduct a thorough valuation of the company to determine its worth and establish a fair market value. Doing so will help stakeholders understand the succession plan’s financial implications.
Restructuring
This step may involve restructuring the company to optimize efficiency and minimize tax liabilities. It could include changes to corporate structure, ownership percentages, or management roles.
Buy & Sell Agreements
These outline the terms and conditions for buying or selling ownership interests in the event of a retirement, incapacity, death, or other triggering event. These agreements help protect the interests of all involved parties.
Contract Creation
The succession plan may also involve creating or updating contracts to reflect changes in ownership and management structure. Examples include shareholder agreements, successor identification, employment agreements, and more.
Personalized Attention
We prioritize individual attention for every client. We will understand your exact goals and needs and tailor your succession plan to your unique circumstances.
Expertise and Experience
Our team has the knowledge to handle even the most complex succession planning matters. We’ve worked with limited liability companies, limited partnership companies, and other types of business structures, so we can work with whatever type of business entity you may have.
Comprehensive Solutions
Your Scottsdale business succession planning attorney will go beyond providing traditional legal services. we stay up-to-date on the latest legal developments and industry trends to provide you with the best possible representation.
Why Choose Us Over Other Scottsdale Business Succession Planning Attorneys?
When you choose Sorrell Business & Tax Law, you’ll work with a Scottsdale business succession attorney who will always protect your business interests. You’ll have access to effective planning tools, and we’ll spend as much time as it takes to ensure you know all your options.
Ensure Your Company's Success for Future Generations
If you’re feeling overwhelmed by the complexities of business succession planning, please don’t hesitate to turn to Whitney Sorrell of Sorrell Business & Tax Law. Whitney has the expertise and experience to recommend appropriate strategies and explain all your options.
Call us at (480) 776-6055 to request a consultation today.