It’s engagement season, which means that many people are preparing to welcome new loved ones into their family on a more permanent basis. If you run a family business, this has important implications for your business succession planning strategy. Make sure that you’ve considered all possible issues that can arise as your family grows.
Writing a prenup is one of the first and most basic steps that you can take when protecting a family business. Looking at the big picture with a team of advisors when you have a stake in an existing family business may be required in order to protect the company and its assets.
Communicating with trusted advisors can help you see all of the potential gaps in your strategic planning and working with an estate planning lawyer, business attorney and family business consultant can help you pull all of these important goals together.
When adding a new person to your family, it is easy to get excited and to ignore the possibility that this exposes the business to threats in the future. At a bare minimum, you need to have conversations with other family stakeholders involved in the business about the existing agreements, such as buy-sell agreements and exit planning strategies in place.
You may unknowingly pass on or have to share your portion of the business with your partner if you get divorced in the future. These can be difficult conversations to have but they are also extremely important because of their far reaching nature. Schedule a time to meet with a business succession planning lawyer in CA today.