Working with business owners across Elmira and throughout Chemung County, Steuben County and Schuyler County, NY to create seamless and effective Business Succession Plans.
Your business is one of your most valuable assets and possibly the one that means the most to you personally, as you have poured the years of your life into growing your business. Leaving its fate to chance may jeopardize the hard work you have put into it and may leave your family and your property with little protection after you are no longer able to manage daily operations.
Donald W. Mustico works with businesses for all their legal needs, from contracts and formation through succession planning. Whether designing a contract to ensure you enter into a solid agreement, ensure your rights are protected in the event of breach, the negotiation of favorable payment terms and/or judgments, or eDiscovery to find hidden assets, Don will help you cost effectively resolve your dispute and relentlessly pursue your cause of action to the fullest extent of the law.
Business Succession Planning helps you ensure a smooth transition and continuation of your company’s operations upon the death, disability, or retirement of an owner. These plans also help you prepare for the potential sale of one of the owner’s portion of the company.
What Happens if There is No Business Succession Plan in Place?
Without proper succession planning your business will be passed down to the successors of the estate, acquired by other shareholders, or a combination of the two. This can cause conflict between relatives more active in the day-to-day operations and those relatives who are less involved but received an equal or greater share.
Another concern regards the employees and clients of a larger corporation who may find the lack of business succession planning a sign of instability. If an ill-equipped person is tasked with being involved in meetings between shareholders and do not agree with business proceedings, they can introduce conflict that will delay the normal business operations and put the enterprise at risk.
Your Business Succession Planning Attorney in Elmira and throughout Chemung County, Steuben County and Schuyler County, NY.
We help you plan for the future of your business after you are no longer there. We establish procedures for your partners and beneficiaries to follow and appoint a competent successor who will carry out your goals and vision for your business far into the future.