If you own a business, your estate plan must do more than protect personal assets—it should also provide a clear path for what happens to your company when you’re no longer able to lead it.
At Schaffer Herring PLLC, our Tulsa business succession attorneys work with entrepreneurs, family business owners, and partners to create legally sound transition plans. Whether you intend to pass the business to family, sell it, or prepare for unexpected incapacity, we help you preserve both your legacy and your company’s future.
Why Business Succession Planning Matters
Without a succession plan, your business could face legal disputes, tax liabilities, or leadership gaps. A well-crafted plan helps:
- Minimize disruption if you retire, become incapacitated, or pass away
- Establish clear rules for ownership transfers
- Protect the business’s value and continuity
- Avoid unnecessary probate or court involvement
Key Elements of a Business Succession Plan
Every plan is customized to your goals, business structure, and family dynamics. We assist with:
Ownership Transfer Strategies
- Structuring gradual handoffs to children, partners, or key employees
- Planning for full or partial sale to a third party
- Gifting ownership shares to reduce estate tax exposure
Buy-Sell Agreements
A buy-sell agreement outlines what happens if an owner retires, dies, or exits the business. We draft clear terms for:
- How the business will be valued
- Who can buy the exiting owner’s share
- Funding mechanisms (e.g., life insurance)
Coordination with Estate and Tax Plans
Business succession must align with your will, trust, and overall financial goals. We ensure:
- Estate tax exposure is managed proactively
- Trusts or LLCs are used where appropriate
- Family members are provided for fairly
Planning for Incapacity
Succession planning also addresses the possibility of incapacity. We help you create contingency plans so your business can continue operating smoothly if you become temporarily or permanently unable to manage it.
Who Needs Business Succession Planning?
We help a wide range of business clients in Tulsa and across Oklahoma, including:
- Family business owners planning generational transfers
- Partners in LLCs or professional practices
- Solo entrepreneurs seeking retirement options
- High-net-worth individuals with closely held companies
If your business is part of your estate, it needs a plan.
Schedule a Consultation with a Tulsa Business Succession Attorney
The decisions you make today will shape your company’s future tomorrow. At Schaffer Herring PLLC, we help business owners take control of their legacy with smart, tailored legal guidance.
Contact us today to schedule a confidential consultation about business succession planning in Tulsa or the surrounding areas.
Ready to Start Your Estate Plan?
It’s never too early—or too late—to put a plan in place. Contact Schaffer Herring PLLC today to speak with a Tulsa estate planning attorney who will help you protect what matters most.
Contact the attorneys at Schaffer Herring PLLC today to schedule your consultation.
Frequently Asked Questions
Business succession planning is the legal and financial process of preparing for the transfer of ownership and leadership in a business. This may occur due to retirement, death, disability, or sale of the business. A strong plan ensures your company continues smoothly with minimal disruption.
Without a plan, your business may face legal disputes, tax problems, or even closure. Succession planning protects your company’s value, ensures continuity for employees and customers, and helps your family avoid unnecessary stress or court involvement.
A buy-sell agreement is a legal contract between business co-owners or partners. It outlines what happens if an owner leaves the business—whether due to retirement, death, or another event. It also includes terms for valuing the business and funding the buyout.
es. Many family-owned businesses are passed to the next generation through gifting, sale, or gradual ownership transfer. We help structure these transitions to avoid tax issues and ensure fairness among family members.
If you have more questions about estate planning, we’ve answered many of them on our Estate Planning FAQs page. You’ll find detailed information about wills, trusts, probate avoidance, and more.