What is Business succession planning?
If you own a business, you need to have a plan in place for how your business will continue after you're no longer running it. Business succession planning involves identifying and training future leaders, creating a plan for the transfer of ownership, and ensuring that the business can continue to operate smoothly during the transition period.
What Goes Into A Business Succession Plan?
A comprehensive succession plan meets your goals and ensures the long-term success of your business. This may involve creating a business succession agreement, establishing a trust to hold your business ownership interests, or developing a plan for the sale of the business to a third party.
How Do Family Businesses Prepare For Future Generations?
Family businesses often present unique challenges when it comes to estate planning. You want to ensure that your business remains in the family and continues to thrive for generations to come. But you also need to consider issues such as estate taxes, business succession, and potential conflicts between family members.
I can work with you to create a plan that addresses these challenges and protects your family's interests. This may include setting up a family trust to hold the business assets, creating a buy-sell agreement to govern the transfer of ownership, or developing a family employment policy to establish rules for family members who work in the business.