What will happen to your business in the future if you decide to exit the company or must exit the company for some reason? If this happens to you, you must have a plan in place to assist with the transfer of the company to protect its value.
Protecting your interests in business legacy planning is crucial for protecting the future of the company and also your personal legacy. This can often be accomplished through holistic estate planning and business succession planning with the guidance of an experienced and knowledgeable lawyer. It is always recommended that you work directly with an attorney to protect your business legacy.
Start by creating a legacy plan. This outlines the goals and objectives that you hope to achieve. Remember that a plan does not need to be perfect as it will likely change over time, but a plan puts in place basic milestones that you intend to achieve over the course of time and the strategies through which you hope to achieve them.
When it comes to protecting your business interests, having a plan in place can make a big difference in the ability to achieve these goals. You might have a longer term plan, such as preparing your company for sale at maximum value, or passing the business on to one of your children.
Or you might also have a contingency plan in place to assist with an untimely death, disability or divorce. In all of these circumstances, it helps to have the support of a dedicated attorney who has been through this process before and understands the different elements and issues involved in business succession planning.