Have you ever thought about who would take the place of a key person of your company if that person suddenly died? As with many business owners, running your business is your primary focus and planning its succession isn’t top of mind. But in addition to maintain day to day operations, you should also develop a plan in the event of your own premature death or of key executives of your business.
Most business owners begin to think about succession planning as they get older, while others never seem to find the time. Succession planning early on will ultimately give your business the best chances of success in your absence. You can lay the groundwork in advance offering you peace of mind that as your business grows there is a plan in place if you’re suddenly not there.
If you have a partner(s) or are the sole owner of a business, chances are you intend to leave your company to your family, whether a spouse or children. However, what if your spouse or children decide that they don’t want to be part of the business and they would rather pursue different interests. In addition, what if your partner(s) decide that a partnership with your spouse or children is undesirable. This and other scenarios are planned for in advance so that an equitable solution is part of the design. For example, a properly drafted Buy/Sell Agreement funded by life insurance may contain a plan to use the death benefit to buy out a partner or a family member that does not want to participate or continue within the business.
Let us help you with your succession planning now so you can ensure that all of the hard work you put into your company will benefit the people you hold most dear. Our experienced attorneys are at your service. Contact us today!
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Phone: 888-909-0551 Email: firstname.lastname@example.org Fax: 888-909-0821 Address: 23901 Calabasas Road, Suite 1030
Calabasas, CA 91302