05/11/2026
When it comes to transferring a family-owned business, the best time to plan is years in advance.
But if you haven’t started yet, that doesn’t mean it’s too late.
In this video, Chelsea Rikard explains one of the most common questions business owners ask: Can I transfer my business to a family member quickly, or should I have planned for this years ago?
The answer, as Chelsea often says, is: It depends.
In a perfect world, succession planning begins well before the transfer takes place. This allows business owners to make gradual ownership transfers and structure them in a way that reflects the value the next generation is contributing to the company.
That contribution might include:
✔️ Paying for ownership interests
✔️ Providing services to the business
✔️ Contributing assets or other consideration
In South Carolina, there are multiple ways to structure ownership transfers for LLCs and statutory close corporations. But no matter how the transfer is arranged, one thing is essential:
The legal agreement documenting the exchange is critically important.
The good news? Even if you have not planned years ahead, a transfer can still be completed successfully. It simply requires careful attention to the legal and financial details.
If you are thinking about passing your business to a child, sibling, or other family member, now is the time to start the conversation.
📞 Contact A Business Law Firm at 864-699-9801 to discuss your business succession plan.
Chelsea Rikard of A Business Law Firm is responsible for this advertising.
