If you own a business, one of the most important aspects to preserving your legacy is developing a business succession plan. Much like the process of developing an estate plan, the idea of who will lead your business can feel a bit overwhelming. For this reason, many may set aside this very important business matter. For some, the decision of who will take over the business may be obvious, for others, it may take more consideration. A corporate lawyer Melbourne, FL relies on can help you outline a business succession plan that leaves nothing up to the imagination. They can review your business, discuss with you your wishes and ensure that every detail is included in your business succession plan.
Much like estate planning, business succession is the process in which a plan is put in place for who will resume control of your business when you pass away or retire. Handing over your business may seem far away, especially for a small business owner. Perhaps you have a plan to pass your business on to your adult child? Does retirement feel as though it will never arrive? Are you considering how you will be able to secure your retirement as a small business owner? We can help you put together a plan that works for you. An attorney may be able to help you in drafting a clear succession plan. It can be difficult to sort out key aspects to a succession plan on your own. For those in a business partnership, or who own a larger business, the process can become rather complicated. They can advise you and your business partner so that your succession plan is secured in the event of your passing or retirement.
If you are a business owner, there are a number of valid reasons for developing a business succession plan:
Reason #1 Secure Your Retirement
When you started your business, you may have been so consumed with its’ success that you forgot to consider your retirement plan. This is key, especially if you have business partners. It will be important for each of you to secure your investment for when you choose to retire or leave the business. A business succession plan, can outline compensation for a person who is leaving a business.
Reason #2 You Want to Leave Family Your Business
Many small business owners may have inheritance conversations with loved ones. For example, it’s not uncommon for someone to bring on an adult child and groom them to take over the family business. Despite conversations, it will be important to have a clear plan that protects your interests. A succession plan is key, especially if you have business partners.
Reason #3 To Secure Your Legacy
Some do not care if their business is sold after death or retirement. However, for many, protecting what they have worked so hard to build through business succession may be paramount. Without a succession plan, you may put your business at risk of being sold. By working with an attorney at Arcadier, Biggie & Wood, PLLC and having a clear plan for leadership after you pass, you have the ability to safeguard your business.