A Plan for Your Business, No Matter What Happens to You
Goode Tax and Estate Planning Law Group helps Louisiana business owners structure ownership transitions, draft buy-sell agreements, and build succession plans that hold up whether you're retiring, stepping back, or planning ahead for the unexpected. This is dedicated succession planning work — not an add-on to a general business practice.
Business Succession Is a Different Problem Than Probate
Before going further: if you found this page while researching what happens to an estate after someone passes away, that's a separate area of Louisiana law. The Louisiana succession and probate process — transferring assets through the courts after death — is covered on its own page. This page addresses something distinct: planning the future of your business while you're still running it. That means ownership structure, buy-sell agreements, leadership transitions, and the legal and tax mechanics of transferring a business to family members or a third party.
Why Business Owners Delay This Planning
Most business owners know they should have a succession plan. Few actually have one. The reasons are usually the same: the business demands constant attention, the transition feels far off, and the legal side of it seems complicated enough to put off until later. The problem is that "later" doesn't always arrive on schedule. Illness, a partner dispute, a buyout offer, or an unexpected death can force decisions that a plan would have made straightforward.
What Makes Succession Planning Legally Complex in Louisiana
Louisiana's civil law system governs how business interests are owned and transferred, and it doesn't always behave the way business owners expect. Forced heirship rules, community property considerations, and the structure of your entity type all affect how ownership can move from one person to the next. A succession plan that works in another state may not work here. Getting the structure right from the start — with an attorney who understands both Louisiana business law and the estate and tax implications — matters.
The Succession Planning Services We Provide
Business succession planning touches business law, estate planning, and tax law simultaneously. That intersection is where our firm operates. Carl Goode and Kim work directly with business owners to build plans that are legally sound, tax-aware, and structured around what you actually want to happen.
- Buy-sell agreements that govern what happens to ownership interests if a partner dies, becomes disabled, or wants to exit
- Family transition planning that accounts for gift tax, estate tax, and Louisiana forced heirship rules
- Business valuation planning to support ownership transfers without triggering unnecessary tax exposure
- Entity restructuring when the current structure doesn't support the planned transition
- Coordination with your CPA and financial advisors to keep the legal, tax, and financial pieces aligned
- Succession planning integrated with your personal estate plan so both documents work together
Planning for a Family Transition
Passing a business to your children or other family members is one of the most common goals we hear from Louisiana business owners — and one of the most legally complicated to execute well. The structure of the transfer affects income taxes, gift taxes, and estate taxes. It also affects family relationships, particularly when not all family members are involved in the business. A plan that accounts for all of these factors from the beginning avoids the disputes and tax surprises that come from informal or incomplete transitions.
We help families structure ownership transfers using tools like gifting programs, family LLCs, and buy-sell arrangements that keep control where you want it while moving value to the next generation in a tax-efficient way. The goal is a transition that's fair, clear, and built to last.
Why This Firm for Business Succession Planning
A Combination of Expertise Most Local Firms Don't Offer
Business succession planning sits at the intersection of business law, tax law, and estate planning. Many firms handle one of those areas well. Fewer handle all three — and fewer still offer succession planning as a dedicated service rather than a footnote in their general business practice. Carl Goode holds a Super Lawyers designation that he has maintained for approximately 15 years, placing him in the top 5% of Louisiana attorneys. The firm also carries a Martindale-Hubbell AV Preeminent rating. These credentials reflect a level of legal depth that matters when the stakes involve your life's work.
Direct Attorney Access Throughout the Process
You work directly with Carl Goode and Kim from the first conversation through the completion of your plan. There's no handoff to a paralegal or junior associate for the substantive work. For business owners navigating a complex transition, that continuity matters — the attorneys who understand your goals are the ones drafting the documents.
Clear Communication Without the Legal Jargon
Succession planning involves legal concepts that can feel overwhelming if they're explained in the wrong way. We explain every step in plain language so you understand what you're signing and why the structure was designed the way it was. That approach isn't just for elderly clients — it's how we work with every client, because a plan you understand is a plan you'll actually use.
Planning for a Third-Party Sale or Partner Exit
Not every succession plan ends with a family member at the helm. Some business owners plan to sell to a key employee, a partner, or an outside buyer. Others need a plan for what happens if a co-owner wants out or can no longer participate in the business. These scenarios require a different set of legal tools — and a buy-sell agreement is often the foundation of all of them.
A well-drafted buy-sell agreement establishes the terms for ownership transfer before a triggering event occurs. It sets the valuation method, the funding mechanism, the timeline, and the conditions under which a buyout can happen. Without one, a partner's death or departure can leave the remaining owners in a legal dispute at exactly the moment they can least afford one.
Business Succession Planning Questions
What is a buy-sell agreement and do I need one?
A buy-sell agreement is a legally binding contract between business co-owners that governs what happens to an ownership interest when a triggering event occurs — such as death, disability, divorce, or a partner wanting to exit. It sets the terms for how the interest is valued and who can buy it. If you have a business partner or co-owner, you almost certainly need one. Without it, a partner's death or departure can force you into business with their heirs or into a costly legal dispute over valuation.How do I transition my business to my children in Louisiana?
There are several legal structures for transferring a business to family members, and the right one depends on your business entity type, the size of the transfer, how many children are involved, and whether they're all active in the business. Common approaches include gifting ownership interests over time, restructuring into a family LLC, or using a buy-sell agreement funded by life insurance. Louisiana's community property and forced heirship rules also affect how these transfers are structured, which is why working with a Louisiana-licensed attorney is important.When should I start thinking about business succession planning?
The best time to start is before you need to. A succession plan takes time to build correctly, and many of the tax-efficient transfer strategies require years to execute fully. Most business owners benefit from starting the conversation at least five to ten years before their intended exit — though if a health change, partner dispute, or buyout opportunity has moved the timeline, it's still worth getting a plan in place as quickly as possible.Does my succession plan need to be connected to my personal estate plan?
Yes, and this is one of the most common gaps we see. A business succession plan that doesn't account for your personal estate plan — or vice versa — can produce conflicting instructions, unintended tax consequences, or ownership disputes after your death. The two documents need to be drafted with each other in mind. Because our firm handles both business law and estate planning, we can ensure your business transition and your personal plan are fully aligned.Is business succession planning different from estate planning?
They overlap, but they address different problems. Estate planning governs how your personal assets — including your ownership interest in a business — are distributed after your death. Business succession planning addresses how the business itself continues to operate and who takes ownership control, which may involve transitions that happen while you're still alive. A complete plan usually requires both, coordinated so they don't work against each other.
Start Building Your Succession Plan
The longer a business operates without a succession plan, the more exposed it is — to partner disputes, tax inefficiency, and transitions that happen on someone else's terms instead of yours. We work with Louisiana business owners to build plans that are specific, legally sound, and designed around what you actually want for your business and your family. Schedule a free initial phone consultation to get started.
