One of the most important steps you need to take in protecting your business is to create a team of trusted advisors. This should be done well in advance of any actual ownership change in your business. You need to contemplate the process of what it looks like to move forward and need outside professionals to give you counsel and support during this process.
There are several different parties involved in the process of an ownership transition, including business lawyers, estate attorneys, accountants, financial advisors, insurance advisors, and even bankers. Interviewing and selecting the right team members can make it that much easier for you to determine what your business succession plan looks like.
A good team of experts can help you see how all of these different issues interact with one another for you as well as for the future of your team. It is also helpful to have a member of that team who is there to project manage and to keep everyone organized and on track. This is a very important process that could lead to substantial returns for you, but you need to be aware of tax and other financial consequences.
This means retaining the right people on your team and working with them to guide you through the process. If you’re unsure of the best way to proceed with business succession planning, start by handpicking a couple members of your team. Schedule a time to meet with an experienced and knowledgeable lawyer to help you now.