Running a business requires keeping track of a lot of details, but there’s noe common one that many people overlook: protecting the business with a succession plan.
Starting and running a business can be an exhilarating and, at times, a very challenging venture. But unfortunately, if you fail to have an appropriate succession plan in place, your business’s gears could come to a grinding halt if and when something happens to you. This is why it is important to consult with a professional about estate planning basics for entrepreneurs and founders.
When you’re serving in multiple different roles for startup operations, it’s easy to avoid thinking about what might happen if things went wrong and you were no longer there to make the important decisions or take the important actions required.
It’s even less often that you think about what happens after you pass away when state courts might hand the business to a family member who is unprepared or uninterested in serving in this role. You can protect your assets and keep your legacy intact by preparing a comprehensive business succession plan. Remembering that incapacity, disability and divorce can happen at any age can be a good experience to allow you to put appropriate plans in place. Ideally, you never need to exercise these, but you also have the peace of mind that if something does happen to you that you have an appropriate strategy ready to activate immediately.
Contact the offices of an experienced estate planning lawyer who is familiar with helping founders, entrepreneurs and other high level business executives protect their business interests.
If you’re ready to combine your business planning with your estate planning, consult with an experienced lawyer about your options.