[LITTLETON, 12/21/2017] - Miller & Steiert, P.C. offers aggressive legal representation for businesses in need of a resolution to business succession matters. Its attorneys assist in drafting buy-sell agreements tailored to the client’s goals and unique situation.

Businesses Lack Documented Succession Plans

Buy-sell agreements are an essential part of succession planning. It is an agreement between business proprietors that dictates what happens following unexpected events, like divorce, disability, or death. The formal agreement serves as a guide for successors, protects the interests of the company, and saves them from expensive litigation.

Despite the benefits of a buy-sell agreement, data shows that business succession does not rank high on a company’s list of priorities. In fact, a study from Baker Tilly (BT), a full-service accounting and advisory firm, reveals that nearly 75% of businesses lack a succession plan for senior roles. Since nearly 52% of business proprietors are over the of age 50, the lack of a succession plan could lead to the loss of business value following the untimely death of a partner.

Buy-Sell Agreements: An Essential Business Continuity Tool

The researchers of the BT study stress the importance of drafting a buy-sell agreement early. Delaying it could cause problems down the line because the business owners could have different interests then, making it difficult to reach a compromise.

Creating the agreement during the early stages of starting a business can also reduce the emotional impact of important decision-making situations and help business owners focus on the ground rules instead of pursuing their interests.

Miller & Steiert, P.C. is a business law firm that understands the complexities of commercial and business litigation. It has helped companies resolve disputes related to buy-sell agreements and business succession. The firm’s attorneys assist clients in crafting a buy-sell agreement and provide aggressive legal representation as business owners work through a resolution.

About Miller & Steiert, P.C.

Miller & Steiert, P.C. is a litigation-based practice that has been serving clients in Denver and Colorado since 1959. Its areas of practice include criminal defense, estate planning, family law, commercial law, personal injury, probate administration, and more.

For more information, visit https://www.m-s-lawyers.com.