Business Succession Planning Attorneys

Business succession planning is creating a written strategy for who will own and run your business if you retire, become incapacitated, or pass away. For Charleston businesses, it helps protect business value, reduce disputes, and keep operations stable. Schedule a consultation to build a clear succession roadmap.

Without a plan, ownership and control may pass under your estate documents or state law, which can cause delays, conflict among heirs/partners, and business disruption. In some cases, the business may be forced into a sale under pressure. Contact Wiles Law Firm to put a plan in writing.

Succession planning focuses on business continuity - management, ownership transfer, and decision-making. Estate planning addresses your overall assets and family goals. Business owners usually need both coordinated so the business transfer doesn’t conflict with wills, trusts, or tax strategy. Schedule a coordinated planning meeting.

A buy-sell agreement is a contract that sets rules for what happens if an owner dies, becomes disabled, retires, or wants out - often including who can buy the interest and how price is determined. It’s common for partnerships and closely held companies. Ask us to review or draft a buy-sell agreement.

The right choice depends on capability, interest, fairness among heirs, and whether the business can afford a transition. Many plans combine management succession (who runs it) with ownership succession (who owns it). Schedule a consultation to evaluate realistic options.

Valuation may use an appraisal, agreed formula, or a periodic valuation process stated in your documents. A clear valuation method can prevent disputes and reduce the risk of an unfair or unworkable transfer. Contact us to build valuation terms into your plan.

Incapacity can be more disruptive than death because the owner may still be alive but unable to act. Planning can include management authority, operating agreement provisions, and powers of attorney/trust structures to keep the business running. Schedule a consultation to address incapacity risk.

Review annually or after major changes - new partners, revenue shifts, key employee changes, marriage/divorce, relocation, or tax law changes. A stale plan can be worse than no plan. Request a review to keep your documents current.