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Contact us today: 866.461.7474 or 727.461.7474 | 581 South Duncan Avenue Clearwater, FL 33756
Coleman Law Firm
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Business Planning and Transition Issues

If you own a sole proprietorship or small company, you may need to begin thinking about business transition issues. In others words, you may need to ask yourself what will happen to your business if you are incapacitated or no longer around.

A Clearwater business planning attorney can explain to you that many business owners do not account for business transition until it is too late. As a result, you may default to transitioning your business to your family members or spouse without careful thought. Such transition planning can be extremely risky and dangerous.

Dangers of Transition Your Business to Your Family Members

A Clearwater business planning attorney can explain to you the many dangers of focusing on family members with your business transition plans. Some common dangers can include:

  • Family Politics. You may inadvertently create family drama and strife with business transition planning among family members. For example, you may create jealousy and other family feuding based on perceived slights.
  • Successor May Not Be Ready. You may want to benefit your spouse or child with your succession plans. However, your loved ones may not be in the best position to run your company.
  • Decreased Profits. You may find better deals and maximize your profits by selling your business to outsiders as opposed to transitioning to your family members.
  • Emotional Decision-Making. You likely built a successful business by making reasonable, calculated decisions. By transition planning with family members, you may be making key business decisions with your emotions instead.

Strategies for Business Transition Planning

A Clearwater business planning attorney can help review strategies for your business planning. Some ways an experienced attorney can help include:

  • Developing Your Goals. Your attorney can help figure out your goals for the future of your business and develop a plan that can be effectively implemented.
  • Selling the Business. Whether you plan to transition your business to a trusted mentor, pass to a family member, or sell to an outsider, you will need an attorney to help hammer out the details of the transaction.
  • Considering Tax Implications. There may be complicated tax implications of any business transaction.

Contact a Clearwater Business Planning Attorney

If you have any questions about business planning and transition issues, contact a Clearwater business planning attorney at the Coleman Law Firm by calling 727-461-7474.

Estate & Trusts Planning

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  • Risks of Using Joint Accounts
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581 South Duncan Avenue
Clearwater, FL 33756


Phone: 727.461.7474
Fax: 727.461.7476
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    Testimonials

    Mr. Coleman is obviously very knowledgeable in his field, but he is also very approachable, and easy to talk to. He takes the time to explain things fully in a way that is easy to understand. He kept me very well informed of the progress of my case, and then made a superb presentation at my final he… Read more
    A Litigation client
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    I engaged the Coleman Law firm on two occasions and all of my transactions were handled from out of state. Mr. Coleman and all of his staff were very knowledgeable and personable. They dealt with everything in a very professional and timely manner. They kept me informed of what was happening all the… Read more
    Jeannette Hoffman
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    Jeff & Emily prepared a complete estate planning package for me. All documents, including adjustments due to recent changes in the law and specific stipulations I requested. Everything completed in a professional, timely manner and with patience in dealing with me. I would recommend The Coleman Law … Read more
    Brad, an Estate Planning client
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    Jeff Coleman helped me with my case and I would use and recommend him again.
    Nancy G.
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    My husband and I saved and planned for a comfortable retirement. We retired in 2000. Due to improprieties and uncontrolled circumstances by our financial advisor and financial institute; we lost a substantial amount of our retirement savings. Thankfully, we were referred to attorney, Jeffrey P. Cole… Read more
    Lou & Sue Maas
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    I have referred probably at least five cases to the Coleman Law Firm. I have found Mr. Coleman and his staff to be both knowledgeable and down to earth. Mr. Coleman assisted with real estate matters, probate matters, and some personal injury cases with success. I will continue to refer cases to him … Read more
    Lee G.
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    Complete honesty and a close attention to all details involved in my case. Close guidance in all areas.
    M.A.B.
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    Mr. Coleman did our estate planning. He is a stand up guy who tells you like it is. I appreciated his honesty and forward thinking in our matters. I would use him again if I needed legal help in any way.
    Chelsea W.
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    I’m very pleased with the way the Coleman Law Firm handled my matter. They were caring, fast, and I felt I was in good hands.
    Hollie J.
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    My name is Dr. Christine LaRae Larson. I have been involved with Coleman Law Firm, needing legal counsel in my new role as a trustee. Personally and on the front end of my position, I had very little experience as a trustee. But now, as my involvement with Coleman Law Firm has continued, I am no lon… Read more
    Dr. Christine LaRae Larson
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