Research from the U.S. Census Bureau indicates that there are more than 27 million small businesses in the United States. Entrepreneurship as well as business ownership has significant opportunities for generating major wealth and legacy creation, regardless of who starts the company.
It is extremely important, however, when founding a company, to look well ahead into the future and determine proper ways to protect the legacy and the wealth that is created. More than 4 out of 5 businesses are still run by their founder. The vast majority of business owners expect that they will easily be able to transition the company into a future generation.
The Family Business Institute, for example, shares that 88% of business owners expect that they will be able to pass the company on to the next generation. However, business succession statistics show a major decrease in business survival. Considering that a 2015 study determined that 64% of business owners over aged 50 had no official business succession plan, it is more important than ever to identify an attorney, who can help you evaluate your individual as well as your business estate planning needs.
