Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Career Opportunities
    • Client Membership Plan
    • Communities We Serve
      • Carefree
      • Chandler
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Morris Hall Core Values
    • Our Team
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Elder Law Reports
    • Elder Law Resources
      • Mesa Elder Law
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning
      • Do I Need an Estate Plan?
      • Estate Planning Problems
    • FAQs
      • Asset Protection Planning
      • Avoiding Probate
      • Business Succession Planning
      • Charitable Gifting
      • Dementia
      • DIY Estate Planning Forms
      • Financial Planning
      • Nursing Home Planning
      • Pet Planning
      • Planning for Retirement
      • Power of Attorney
      • Probating a Small Estate in Arizona
      • Social Security Retirement Benefits
      • Tax Avoidance Planning
      • Trust Administration
      • Understanding Elder Abuse
      • Veterans Benefits
      • Wills
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Mesa Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
    • Reports
    • Trusts Resources
      • These Case Studies Hammer Home the Value of a Living Trust
      • Update My Living Trust
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

What Is Your Exit Plan? If You're In Arizona, You Need One!

March 10, 2012 by Morris Hall, PLLC Leave a Comment

I recently read an article in Tucson’s Arizona Daily Star about the need for an exit plan. As an Arizona estate planning attorney, I am very familiar with the need for all business owners to plan for the time when they can’t, or don’t want to, run their businesses.

Mimi, the owner of my favorite Tucson corner café, needs to plan for who will run the café if she were to become seriously injured. Who would Mimi’s husband depend on to keep the business profitable while Mimi is recovering?

John, my auto mechanic in Sonoita, should have a plan so that Carl, his business partner, can buy out John’s interest in the business when John passes. Will Carl have enough cash to pay for the business? Will Carl have enough cash to hire someone to replace John in the shop?

John and Mimi should do what Tom, my dry cleaner did with his business. Well before Tom wanted to retire, Tom created a buy/sell agreement with his key employees. The agreement provided that if and when Tom wanted to sell his business, he would sell the business at a fair price and terms, determined at the time of the sale by a formula in the buy/sell agreement and by the fair market value of the business at the time of sale. Tom and his key employees ran the business for as long as Tom wanted to be involved, with Tom teaching his key employees how to keep the business successful after Tom left.

When Tom decided it was time to retire, he didn’t hesitate to sell his business to his key employees. Since they had already agreed on the terms of the sale, the transfer of the business went as smoothly as the hum of Tom’s new sportscar.

So, what is your exit plan? For your business? For your life? If you don’t have one, are you going to wait until you are seriously ill, or worse? Better yet, come and see us, the experts at Morris Hall, to talk about your exit plan. But do it now, before it’s too late!

About Morris Hall:

At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation. 
  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
At Morris Hall, we have focused our legal practice on estate planning for over 50 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, powers of attorney, business planning, succession planning, legacy planning, charitable gifting, and other important legal aspects.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • Estate Planning Tips for Solo Seniors - November 17, 2023
  • Inheritance Planning: Have You Considered Digital Assets? - November 16, 2023
  • Estate Administration: Executor vs. Trustee Roles and Considerations - November 15, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

(Our offices are closed for lunch between 12pm-1pm daily)

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer