Inheriting a business can be a daunting prospect. Even if you have plenty of experience in the industry, taking over an already existing company comes with numerous financial and legal challenges. In addition to following the advice of an attorney experienced in business law, reviewing the steps below will help you make the most of this exciting opportunity.

What to Do After Inheriting a Company

1. Hire an Attorney

A lawyer well-versed in business law will be able to answer your questions quickly and efficiently, as well as offer unbiased, experienced-based opinions about the many decisions you’ll be faced with making. For example, if you decide it is in the company’s best interest to have a partner or to acquire a particular product, they can formalize these changes.

2. Review Your Predecessor’s Plans

If the former owner left you a succession plan, review it carefully. In addition to providing general guidance, these documents often contain important insider information, such as employee profiles and competitor assessments.

Review the latest version of your predecessor’s business plan if it exists. While you can—and should—make adjustments to these documents as you begin to assume leadership, they can provide you with valuable information about the company you have inherited.

3. Communicate With Key Players

You’re taking over a functioning business, which means that everyone involved, from customers to investors, are affected by the change in ownership.

Whether you’re planning on keeping day-to-day operations the same or making big changes, be as transparent as possible and remain on good terms with the company’s key players. This is something to be especially mindful of when it comes to current employees, as they may have valuable knowledge about workflow, marketing strategies, and other previously implemented plans. 

If you’ve recently inherited a business, contact The Law Offices of Bromm, Lindahl, Freeman-Caddy & Lausterer today. For more than 120 years, the seasoned attorneys at this law firm have provided clients in the Wahoo, NE, area with legal expertise on everything from business law and estate planning to civil litigation and family law. Visit their website to learn more about their practice areas and call (402) 443-3225 to set up a consultation today.