Business Ownership Planning
Planning for Successful Business Owners & Entrepreneurs
Without question, small businesses are the backbone of the American economy. They come in all shapes, sizes, and colors, representing all sectors of our economy. But small businesses tend not to outlive their founders! Planning to enjoy the fruits of your labor for generations is essential.
At any given moment, 40 percent of family businesses are in the process of transferring their ownership. Unfortunately, two-thirds of all initial transfers fail. Also, of the one-third of the businesses that survive an initial transfer, only one-half of those will survive a second transfer. A report from the Small Business Administration says that 90 percent of U.S. businesses are family owned, but only 30 percent of such companies succeed in the second generation and just 15 percent make it to the third generation. What statistic do you want for your business?
Success is easy, it just requires determination, commitment, and fortitude, all the characteristics you already have. It also requires you to focus on business succession planning, regardless of whether you’ll have a sale (liquidity event) or transfer to family.
At The Hernandez Law Firm, P.A., our attorneys and staff guide and counsel entrepreneurs and business owners from the beginning – with entity formation and modifications, and governance – through the end – with business succession and exit planning, buy-sell agreements, estate planning, and multigenerational wealth and legacy planning. We help you preserve family harmony and smoothly transition your business with minimal opportunity for dispute or court interference.
When it matters most, we are here!
Take the next step to meet us. We always make time to sit down with folks who want to learn more about what we do.
We can help, so call us at 727-712-1710. We look forward to meeting you!