If you are the owner of a business, it is likely that your company is one of your most treasured assets. Standing apart from the rest of your estate, your business is an individual entity and requires special attention when you are planning for the future. Unless you make proper arrangements for its succession, your business’s future could be at risk.
There are a number of questions you can ask yourself in order to plan the right future for your business:
- Who will take your place as owner of the business?
- Do you have children actively involved in the business?
- Who would you like to inherit the business?
- Would you be interested in splitting the business between your children?
- Is there anything that might restrict the transfer of the business? (Such as required licensing or professional certification for the operation of the business.)
Considering your Options
You have a number of options as you consider your business interests. When building an estate plan for your private assets, you should think about your goals and the people you would like to provide for in your absence. Depending on the circumstances surrounding your business interest, you may consider business succession agreements, gifting stock or leveraging discounts. The best thing about beginning succession planning right now is that you are in ultimate control of the outcome.
Wiggins & Hall Law Group, LLC wants to help you through the process of estate planning as it concerns your business interests. In addition to the requisite legal knowledge, our background in financial services provides us with a broad understanding of the business decisions and steps required to fully implement and fund an effective business succession plan. Contact us today to learn more!