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ŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻŻ Calgary, Alberta |
OIL AND GAS SUCCESSION PLANNING LAWYER Structuring and implementing a plan to extract the financial potential when transitioning out of the business that you own. Business succession planning is about preparing your company for its eventual sale or transference (i.e. through an employee buy-in), with the intention of enabling the company's owners to attain the optimal financial return from their long-term efforts and investment [together with providing the current ownership with confidence in the company's future, so as to increase the certainty of the departing stakeholder's pay-out, if the succession plan is structured as such]. Effective succession planning requires appropriate time and preparation, so as to optimize the realizable return from the company's sale or transference. Yet for far too many corporate stakeholders, they believe that the company has but a single value, which is easily realizable and they will receive that value when they retire or otherwise seek to divest their stake in the company. That is rarely, if ever, the case. Effective corporate succession planning requires considerable preparation that should begin many years in advance of the intended divestiture of one's stake in the company. It transforms an operational business into a transitional business, which is tweaked and modified in an effort to obtain the optimal return from the disposition of one's stake in the company. By waiting until the last minute to transition out of a company, the stakeholders will all too often incur a massive cut in their pay-out. It is quite astonishing how much upside corporate stakeholders throw away because they fail to undertake adequate preparation. As such, business succession planning should be undertaken with the right team of experienced professionals (lawyers, accountants, investment advisors, business consultants), whose knowledgeable advice is implemented, pays serious financial dividends. For more information with respect to company succession planning from the law firm of Neufeld Legal P.C. or to schedule an appointment, contact our lead lawyer Christopher Neufeld at Christopher@OilGasLawyer.ca or 403-400-4092.
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