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Business succession planning for Florida companies
Deciding who takes over, at what price, and on what trigger, while you still have the leverage to decide it.
Every business changes hands. The only variable is whether it happens on your terms or on a schedule set by a death, a divorce, a disability or a dispute. Succession planning converts an inevitable event into a documented, funded and rehearsed transaction.
For family businesses and closely held Florida companies, succession sits exactly where business law and estate planning meet. Handled separately, the two plans routinely contradict each other. Handled together, the company transfer and the estate transfer describe the same event.
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Schedule a ConsultationWhat a real succession plan contains
Buy-sell agreements
Trigger events for death, disability, retirement, divorce, bankruptcy and voluntary exit; cross-purchase versus redemption structures; and enforceable transfer restrictions.
Valuation mechanics
An agreed method rather than a stale fixed number: formula, appraisal process, appraiser selection and tie-break procedure, with a defined review interval.
Funding
How the buyer actually pays. Life and disability insurance, sinking funds, seller financing, earnouts and installment terms. An unfunded buy-sell is a wish.
Governance during transition
Interim management authority, board or manager composition, non-compete and non-solicit terms, and consulting or employment agreements for the exiting owner.
Family business considerations
Treating children who work in the business differently from those who do not, without creating a dispute; voting and non-voting interests; and equalization through non-business assets.
Coordination with the estate plan
Assigning ownership interests into the trust, aligning the will and trust with the buy-sell, and confirming no document contradicts another.
When to start
Three to seven years before an intended exit
Enough runway to fix financials, reduce owner dependence, document processes and make the business transferable.
Any time there is more than one owner
A buy-sell agreement is the single highest-value document a multi-owner Florida company can have, and it should exist from the first day of the partnership.
When the next generation enters the business
The moment a child joins is the moment the fairness conversation should start, in writing, before expectations harden.
After any major change
A new partner, a large acquisition, a divorce, a death or a significant valuation shift all make the existing agreement partially obsolete.
FAQ
Frequently asked questions
What happens if I have no buy-sell agreement and a partner dies?
The deceased partner's ownership interest passes according to their estate plan or Florida intestacy law. You may find yourself in business with a spouse, an adult child or an estate representative who has no experience in your industry and no obligation to sell to you.
How is the price set if we cannot agree on value?
A well-drafted agreement never depends on future agreement. It specifies a formula or an appraisal process, including who selects appraisers and how a deadlock is broken, so the price is determined by a procedure rather than a negotiation at the worst possible moment.
Is life insurance required to fund a buy-sell?
It is the most common funding method for death triggers because it delivers cash exactly when it is needed, but it is not the only one. Disability, retirement and voluntary exit triggers usually require different funding, often installment terms.
Can I leave the business equally to all my children?
You can, but equal is not always workable. Leaving voting control divided among children with different levels of involvement is a frequent source of family litigation. Structures using voting and non-voting interests, or equalizing with other assets, often serve the family better.
How often should a buy-sell agreement be reviewed?
A useful default is every two to three years, and immediately after any triggering change: a new owner, a departure, a divorce, a large acquisition, a significant shift in revenue or a change in the funding instruments. The most common defect we find in existing agreements is a valuation figure that was accurate when it was signed and has not been touched since.