If a substantial part of your estate is a profit-making business, you need to have a comprehensive business succession plan. It is important to have a plan for the continuation of the business operations and a smooth transfer of the business interests to your beneficiaries.
Without planning in advance, business activity can be seriously disrupted, causing a speedy decline in the company’s value upon the owner’s death.
If you are married, you will want to make sure your spouse will be taken care of and not pushed out of the business by your current partners.
Business succession planning should never be done without the assistance of an experienced attorney. We have helped countless business owners with this process, and look forward to helping you, too.