Business Planning
Plan the Future of What You've Built
For many business owners, a company represents far more than an income stream. It may be one of their most valuable assets—and an important part of the legacy they hope to leave behind. Thoughtful business planning can help prepare for retirement, incapacity, ownership transitions, and the future of the people who depend on the business.
Business planning and succession counsel for clients throughout Holliston and the MetroWest area.
Protect what you've built. Prepare for what comes next.
For many small business owners, the business they have spent years building is among their most significant assets—and often a family legacy, a livelihood, and a lasting contribution to the community. That is why business planning should be considered alongside your broader estate plan.
At Deland Law Office, Jennifer A. Deland helps business owners throughout Holliston and the MetroWest area think carefully about what should happen to their business if they retire, become incapacitated, or pass away — whether that means transferring ownership to a family member or trusted individual, selling the business, or providing for an orderly transition.
The result is a business succession strategy designed around your circumstances, your priorities, and the people you want to protect.
How We Help
A Business Plan Built Around Your Goals
No two businesses are alike. We take the time to understand how your business operates, what you have built, and what you want its future to look like.
Understand Your Business
Learning the nature, structure, ownership, and circumstances of your business.
Clarify the Succession Plan
Considering who may succeed you and what structure may work best.
Prepare the Documents
Negotiating, drafting, and executing what an orderly transition requires.
Consider Business Value
Working with financial professionals to help establish a fair valuation.
Prepare for the Unexpected
Addressing retirement, incapacity, death, and ownership changes.
The Planning Process
A Clearer Path From Today to What Comes Next
A succession plan begins with identifying the person or people who may eventually take responsibility for the business — an adult child, another family member, a trusted employee, a business partner, or another qualified individual.
- Familiarity with the business
- Trustworthiness and management experience
- Commitment and leadership ability
- Understanding of applicable compliance requirements
A successful transition requires more than naming a successor. The people involved should understand the business, responsibilities, reporting structures, employee roles, compensation, and applicable compliance requirements. A clear dispute-resolution process can also help reduce uncertainty during a transition.
An informed succession plan requires a realistic understanding of what the business is worth. Valuation may involve different approaches depending on the circumstances.
Asset Approach
Considers the company's assets and liabilities.
Income Approach
Considers historical earnings and projected future income.
Market Approach
Considers comparable business transactions and market factors.
Business Succession Planning
Make the Transition Intentional
When the time comes to transfer ownership, preparation can make the process more orderly and predictable. Depending on the structure of the business and the goals of the owners, succession planning may involve buy-sell agreements and other legal arrangements designed to establish what happens when an owner retires, becomes incapacitated, or dies.
Cross-Purchase Agreements
Often used by businesses with a few owners, such as partnerships. Owners may purchase insurance policies on one another, and if an owner dies, the surviving owners can use the proceeds to purchase the deceased owner's interest.
Entity Purchase Agreements
The business purchases insurance policies on its owners and is generally the beneficiary. If an owner dies, the business may use the proceeds to redeem that owner's interest.
The appropriate structure depends on the business, ownership arrangement, financing, insurance, tax considerations, and the owner's overall estate plan. Professional advice should be tailored to the specific circumstances.
Planning beyond the paperwork.
Continuity
Prepare for a transition without leaving the future of the business uncertain.
Clarity
Give successors and family members a clearer understanding of expectations.
Protection
Coordinate the business plan with the broader estate plan.
Flexibility
Build a plan that can evolve as your business and priorities change.
Your business is more than an asset. It may be part of the legacy you leave behind.
Thoughtful business succession planning can help connect the future of your business with the broader goals of your estate plan — giving you greater clarity about what happens to what you have built and the people who depend on it.
Let's Discuss Your Strategy
Holliston Office or Zoom
Standard $400 Fee
Additional Legal Services
Estate Planning
A coordinated plan for your assets, family, and future.
Planning for Children
Guardianship nominations and trusts for the next generation.
Elder Law
Guidance on long-term care and asset protection as you age.
Start Planning With Purpose
Whether you are thinking about retirement, preparing for a future transition, or simply want greater clarity about what would happen to your business, the conversation can begin with understanding your goals.
Deland Law Office
1660 Washington Street
Holliston, MA 01746