You worked hard to build your business. But have you thought about what would happen if you became sick, could no longer work, or died? Many business owners plan for success but forget to plan for the day they can no longer run their business.
Here is a simple checklist to consider:
1. Who will run my business if I cannot?
If you were in the hospital tomorrow, who would make decisions, pay employees, and keep the doors open?
2. Does someone have the legal power to act for me?
A trusted person may need a properly written power of attorney to handle business matters if you become unable to act.
3. Who will own my business when I die?
Will your spouse, children, business partner, or someone else take over? Have you put your wishes in writing?
4. Does my family want the business?
Your children may love you but have no interest in running your business. Do not assume they want it.
5. What happens to my employees?
Your employees depend on your business for their paychecks. A good plan helps protect their jobs.
6. What happens to my business debts?
Loans, rent, taxes, and other bills do not simply disappear when something happens to you.
7. What if my business needs to be sold?
Who will decide when to sell it, what it is worth, and who should receive the money?
The Bottom Line
Business succession planning is not just for large companies. Every business owner needs a plan.
A good plan protects your family, your employees, and everything you worked so hard to build.
Do not wait for an emergency. The best time to plan is while you are healthy and in control.
Questions about your estate plan and business succession? Call our office 561.694.7827 and schedule a consultation. Elder & Estate Planning Attorneys PA, 480 Maplewood Drive, Suite 3, Jupiter.
The content of this article is general and should not be relied upon without reviewing your specific circumstances by competent legal counsel. Reliance on the information herein is at your own risk, as it expresses no opinion by the firm on your legal needs. An attorney–client relationship is not created through the information provided.
