Business Succession Planning

Business Succession Planning Attorney in Lubbock

Two CPAs on Our Legal Team. Dual Board Certifications in Tax & Estate Law.

Business succession planning is one of the most consequential decisions a business owner can make, and the legal and financial dimensions can’t be separated. At Beck Law Firm, we structure succession plans with both in the room from the start. Two CPAs sit on our legal team, including Managing Shareholder Kristen Beck, so the tax and financial analysis happens alongside the legal drafting, not after it.

Of Counsel Sam Hawthorne adds a level of credential that’s rare in Texas. A CPA and attorney, he holds dual Board Certifications in Tax Law and Estate Planning and Probate Law from the Texas Board of Legal Specialization, among the highest professional distinctions a Texas attorney can achieve. His practice includes mergers, business acquisitions, buy-sell agreements, business transitions, and asset protection, all directly applicable to the succession work Lubbock business owners face.

If you’re ready to put a succession plan in place, or you’re not sure where to start, call our team at (806) 304-7946 to schedule a consultation.

What We Handle in Business Succession Planning

Succession planning covers more than who inherits the business. It addresses how ownership transfers, how leadership transitions, how the business keeps operating, and what tax exposure the transaction creates. Our work in this area spans the full scope of those questions.

Buy-Sell Agreements
A buy-sell agreement governs what happens to an ownership interest when a partner exits, dies, or becomes incapacitated. It’s a foundational document for any multi-owner business, and Sam Hawthorne handles drafting as a named area of his practice.

Ownership Transfer & Entity Structure
The legal structure of your business, whether an LLC, S-Corp, C-Corp, or limited partnership, determines how ownership can be transferred and what tax treatment applies. We work through entity structure as a threshold question in each succession engagement.

Tax Strategy for Succession Transactions
Estate, gift, and income tax planning for individual and corporate clients is a core part of Sam Hawthorne’s practice. When a succession transaction triggers tax scrutiny, he also represents clients before the IRS and in U.S. Tax Court.

Generational Wealth Transfer
Family business transitions often intersect with estate planning. We address both, coordinating ownership transfer with broader legacy goals so the plan holds together across generations.

Without a documented plan, Texas default rules govern what happens to a business interest at an owner’s death or departure. Those defaults may not reflect what you intended for your co-owners, your heirs, or your employees.

Why Lubbock Business Owners Work With Us

Beck Law Firm is a family-run firm led by Kristen and Shareholder Andrew Beck, both magna cum laude graduates of Texas Tech University School of Law with deep roots in the Lubbock community. Our A+ rating from the Better Business Bureau reflects a consistent track record of follow-through with clients navigating complex, high-stakes legal matters.

Our guiding principle, “Guiding You From Intricacy to Clarity,” isn’t marketing language. Succession planning involves layered documents, intersecting tax consequences, and decisions that affect your family and your employees. We make that process direct and manageable, with clear communication at each step. Our counsel extends to clients across Texas, New Mexico, and Illinois.

What a Business Succession Plan Covers

A comprehensive succession plan addresses several interconnected decisions. Understanding the components helps business owners recognize what they’re working toward and what gaps an existing plan may leave.

Successor Selection & Ownership Transfer Structure
Who takes ownership, and in what form? Transfer methods vary by entity type and carry different tax and governance consequences.

Buy-Sell Agreement Terms & Funding
Buy-sell agreements require a funding mechanism, often life insurance, to make the buyout financially workable when a triggering event occurs.

Business Valuation Method
The agreed approach to valuing the business, whether book value, an earnings multiple, or independent appraisal, shapes both the buyout price and the tax exposure. That agreement needs to be in place before it’s needed.

Management Transition Planning
Succession isn’t only about ownership. Who leads the business operationally, and how does that transition happen without disrupting clients, employees, and vendors?

Temporary vs. Permanent Exit Plans
A temporary succession plan addresses situations where an owner steps away due to incapacity or illness and intends to return. This is distinct from a permanent exit and requires its own documentation.

Intersection with Estate Planning
For family business owners, the same assets may be subject to both business transition and inheritance considerations. A plan that handles only one side can create conflict on the other.

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Hear From Our Happy Clients

At Beck Law Firm, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

"All the people I was working with were very kind and caring and handled all my things with complete professionalism."
Great Firm! They handled my probate and other legal forms I needed. They made the process less stressful for me and my family during a hard time we were going through. All the people I was working with were very kind and caring and handled all my things

- O.R.
"Thanks for doing such a good job!"
Andrew, Haley and Bonnie were a great help in my sisters probate case. They handled all of the complicated legal issues and guided me through the process. Thanks for doing such a good job.

- J.S.
"Best in the West. Honesty Integrity."
Best in the West. Honesty Integrity. Quality representation from quality Individuals who embrace, educate, and serve their clients honorably in order to deliver dominating results.
2 for 2 here. Thanks Professor!

- O.D.
"We are so appreciative and highly recommend them!"
Andrew Beck was the absolute best lawyer we could have hoped for. Not only was the Beck Law Firm recommended to us, but Andrew also exceeded our expectations. Our family legacy was at stake and although we knew the obstacles might be overwhelming, we also

- T.F.
"They Made It Easy"
The Beck Firm made setting up our wills extremely easy. What should have been a lengthy and intimidating process was made very simple. They were very thorough explaining the process and answering any questions we had.

- Trevor M.
"I'll Definitely Be Back"
The Beck Law Firm is composed of a caring and kind team of legal experts who go above and beyond to understand and resolve your legal concerns. They were knowledgeable, resourceful, and efficient.

- Former Client
"They Were Efficient and We Are Happy"
Good communication all the way through the process. All of our questions were answered quickly and in a way that made a somewhat complicated process easy to understand.

- Anthony G.
"Incredible Service"
I recommend them to anyone who needs an attorney, they take care of business and they are on top of it!

- Delma D.

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Succession Planning in Lubbock & West Texas

Lubbock’s economy is anchored by agriculture, healthcare, and education, sectors where ownership is frequently concentrated in family-held or closely held businesses. Agricultural and family-owned businesses across West Texas often face succession scenarios involving multiple heirs, farmland, operating entities, and asset structures that span generations. These situations require coordinated legal and tax planning, not a single document drafted in isolation.

Beck Law Firm has direct knowledge of the Lubbock and West Texas business environment. We track the regional economic landscape, including initiatives through the Lubbock Economic Development Alliance, and we understand the practical realities facing business owners here. Our team serves Lubbock County and the broader West Texas region.

Schedule a Consultation With Our Succession Planning Team

The right time to build a succession plan is before a transition is forced by retirement, illness, a partner dispute, or an unexpected event. A conversation with our team can clarify which documents you need, what your current entity structure means for transfer options, and how tax strategy fits into the overall plan.

Our team includes attorneys with CPA credentials and a dual Board Certified Of Counsel with direct experience in Tax Law and Estate Planning and Probate Law. Call Beck Law Firm at (806) 304-7946 or reach out through our online contact form to schedule your consultation.

Common Succession Scenarios We Address

Business transitions take different forms, and the planning approach depends on the specific situation. Here are four scenarios our team frequently works through with clients.

Family Business Transfer
Ownership passes to one or more children or family members. These transitions often require equalization strategies among heirs who aren’t all active in the business, balancing fairness with operational continuity.

Partner Buyout
One co-owner exits voluntarily or due to death or disability. A pre-negotiated buy-sell agreement governs the purchase of that interest and determines whether the buyout is funded and on what terms.

Third-Party Sale
The owner sells to an outside buyer or private equity group. This requires business valuation, due diligence support, and structuring the transaction to manage tax exposure.

Key-Person Departure
A senior leader or manager who isn’t an owner transitions out. Planning here focuses on documenting responsibilities and building management continuity so the business doesn’t depend on any single individual.