How Can an Attorney Help Your Agribusiness?
If you own a farm or ranch, you know you have to run it like a business in order to maintain a successful enterprise. Like any business owner, farmers and ranchers can benefit from the counsel of an experienced business lawyer, especially one who is well-versed in agricultural law. An agribusiness attorney in Wichita will serve your interests by offering legal advice on government programs and regulations, property matters, and agribusiness planning.
While there are government programs available to financially assist farmers and ranchers, there are also environmental, labor, and regulatory policies that can restrict day-to-day operations and ultimately affect the bottom line. An agricultural lawyer will ensure that you remain in compliance with the law and will pursue any government benefits that may be available to you. Farmers must also protect their real property, as the land is their livelihood. You can rely on an agribusiness attorney to handle such property issues as farm and mineral leases, collateralization, liens, water rights, property taxes, and more. A lawyer with experience in both agriculture and business can also assist with financial planning, succession planning, and tax filing to preserve the ongoing health of your agricultural enterprise.
What Are Distressed Assets?
If you’re thinking of investing in distressed assets or selling them, you need the experience of a business attorney . A distressed asset is a piece of property that is sold at a significantly reduced price because the owner is under pressure to sell. A distressed asset could be personal property, real property, or equity ownership in a business. An owner might sell a distressed asset because of bankruptcy, foreclosure, or other financial calamity.
Distressed assets can offer opportunities for investors. However, there are some potential downsides, which your business lawyer in Wichita can explain to you. For example, your business lawyer can explore whether there may be creditors who can lay claim to the property. A lawyer who specializes in business law can also verify that the seller is the actual owner of the property and that the property is indeed being sold below its face value. If you fail to work with a business attorney to explore these issues, you could be subject to damage claims.
What Are the Benefits of Working with an Estate Attorney?
When it’s time to protect your assets through estate planning , it’s essential to work with a family lawyer who has experience in this area of the law. Your family lawyer can ensure that your estate is maximized, which helps secure your beneficiaries’ financial future. Your family lawyer in Wichita can execute a number of functions for you, including revising an existing will, creating a trust agreement, and establishing healthcare directives.
You can hear more about the benefits of working with an estate lawyer by watching this video. This financial advisor discusses some of the drawbacks of creating trusts solely with the help of a broker, rather than an estate lawyer.
How to Ensure Smooth Family Business Operations with the Right Legal Support
Family businesses hold a unique role in the U.S. economy. Its owners and employees enjoy certain benefits, such as an in-depth understanding of each other and a fierce dedication to the success of the company. However, family businesses also face unique challenges associated with the presence of family relationships within a business environment. For a family business to maintain its success, outside counsel is often necessary. Your family business may wish to retain the services of a business attorney. A lawyer with experience in business law can recommend strategies for success, offer succession planning advice, and provide recommendations for avoiding conflict or dealing with conflict.
Separate Business Issues from Family Issues
It’s often challenging to separate family matters from business issues. However, doing so is crucial not only for the success of the company, but for the well-being of the family. Your business attorney is likely to recommend that you separate business from family by defining clear roles within the company, establishing a hierarchy, and making business decisions solely for the good of the company, rather than in deference to familial ties. Each employee should understand and accept his or her job description and role within the company. Likewise, each employee should understand and support the company’s mission and business plan. Additionally, clear communication is a must.
Plan for Succession in Advance
Succession planning is often not considered until the owner of the company begins to think about retirement. However, it’s advantageous to plan for succession well in advance of the transition. By working with business lawyers in Wichita, you can define your family’s goals for the future, establish the plans for the next generation of business owners, and develop new roles for other employees. It’s best to involve your business attorney in the early stages of succession planning, since there will be many legal issues to deal with regarding the transfer of ownership.
Consider Exit Strategies
Transferring ownership to the next generation is one way to plan your exit strategy. But what happens if no one else in the family has the desire or ability to take control of the company? You can consult a business attorney regarding other exit strategies, such as selling to a non-family member or considering liquidation.