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Business Succession Planning

Many individuals run family businesses, farms, and small companies. It is imperative to have a plan in place in the event the primary operator becomes incapacitated, as well as a plan that addresses what shall happen in the event of death.

To not plan ahead, could mean that the revenue stream becomes non-existence should the primary operator become incapacitated. It could also mean that the assets of your business do not transfer upon your death as you anticipate.

Have a plan in place which includes, but is not limited to the following:

Having a solid business structure in place.

  • For example, a Limited Liability Company with a strong Operating Agreement.
  • Surround yourself with a solid team: legal counsel, CPA, and a trusted financial advisor.

Plan early/ahead and control your plan. Do not wait for a life changing event such as a death, disability, disaster, disagreement, or divorce.

Establish your goals. Identify your needs and expectations.

  • Do you need income now and in the future?
  • Do you want the family business to continue and to stay within the family?

Have the conversation.

  • Open communication – early, often, consistent.
  • Are there any children committed to taking over the business?

Protection of your interests.

  • Liquid assets for your needs.
  • Capital reserved for retirement.
  • Agents who will protect you.
  • Transfer of knowledge, skill base, and control.

To start planning for the future and continued success of your business, contact the Estate Law Center, PLLC, today at 540-827-4395 or contact us online.