Succession Planning

Business Planning Guidance For Tennessee Entities

“Failing to plan is planning to fail.” While no one is sure who can take the credit for this quote, it is certainly true in the business world. While most entrepreneurs would never think of beginning a new business venture without a plan, many business owners fail to plan for the future sufficiently and appropriately.

Experienced And Confidential Business Law Assistance

At the Brentwood law firm of Cook Tillman Law Group, our attorneys have been providing business planning guidance to owners of entities throughout Middle Tennessee for more than 30 years. Comprehensive succession planning contemplates a wide range of circumstances involving owners, co-owners, and key managers, including:

  • Death or disability
  • Retirement or an exit due to changing desires
  • Divorce and subsequent property division issues
  • Transfer of owner to upcoming generations within a family business

Similar to our estate planning services, business planning looks to the future of the involved individuals, families, and owner groups. Whether you are involved in a closely held “family” business or a business with multiple unrelated owners, a clear plan will help clarify numerous internal issues, such as:

  • Establishing rights and obligations of the parties
  • Ensuring continuity of operations
  • Providing adequate compensation for an exiting owner’s interest
  • Identifying benchmarks or triggering events that prompt plan revisions
  • Outlining courses of action for “what if” situations

Family-Owned Businesses In Nashville

Proper entity formation is crucial for family businesses. Family limited liability companies (LLCs) and family limited partnerships can provide for pooled management of family real estate and other investments. A family business plan will also outline efficient strategies for transfers of family wealth to future generations.

Let our skilled lawyers help you establish a business plan and draft such important documents as buy-sell agreements, key man agreements, and others so that you are prepared. To schedule an initial consultation in our Brentwood office or at your location, contact us online, or call us today at 615-200-9117.