Legacy Planning Law Group knows that the best way to help our clients is to understand their business planning needs and help guide them along the way. If you’re interested in learning more about our business succession planning services, please book your free 15-minute phone call with us today!
A good succession plan will clearly address both the people and the money that are involved. This is especially important if your plan is supposed to generate the money you will need during retirement. With regard to the people involved, your succession plan may involve family members who are already familiar with the business. Their knowledge could help ensure continuity during the change in leadership.
Before you name someone as the successor, however, make sure you discuss it with them to ensure they are ready for the responsibility. Too often a parent will be extremely passionate about their business, but the child just sees it as a job. Taking these things into account can help ensure you make the best decisions for your future and the future of your business.
If your children or other family members don’t want to take over the business, or you don’t think that they would be up to the challenge, you may want to consider one of your employees as the successor. Long term employees often make excellent owners because they know the business better than anyone.
No matter what you decide to do with your business, it is a good idea to start planning for it today. Having a written succession plan does not mean that you absolutely have to follow through (unless there is a contract in place). If circumstances change, the plan can be updated as needed. By working with a business attorney to create a good quality succession plan, however, you can give your successor the best possible chance at success through the transition and well into the future.
Whether you currently have a succession plan that needs to be updated, or you are looking to create one for the first time, we can help.
We offer a 15-minute complimentary call with one of our team members to get to know you and your situation.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.