Business ownership is filled with day-to-day decisions and long-term planning designed to keep the company running smoothly. But one critical issue is often overlooked: who will make those decisions if the owner is suddenly unable to do so? Without a succession plan in place, things can go south quickly. Facing the Reality of an […]
Without a business succession plan in place, a number of events can happen to a business after the owner dies or suddenly becomes incapacitated, and a lot can depend on the business structure. Sole Proprietorships: If the owner of a sole proprietorship dies, the business, like the rest of the deceased’s possessions and finances, becomes […]
Just as important as wills and estate plans are for individuals and families, so are business succession plans for business owners. A succession plan is essentially a strategy for what happens to a business if the owner should pass away or simply decide to step away. It’s also a pathway to help business owners identify […]
Business partnerships can work exceptionally well when both people are equally vested in the company’s future. Over time, however, their vesting can fade for one reason or another. What happens if one partner wants to sell or exit, and the other doesn’t? It’s crucial to take proactive steps to limit legal disputes if such a […]
Business succession planning is a crucial part of owning a business, especially if you want your business to outlive you and benefit future generations. However, business succession planning can be complex and is typically best done with the help of an experienced business succession attorney. Many legal issues factor into planning for the future of […]
Maybe you are thinking about selling your company but aren’t ready to list it just yet. It’s crucial to note that you can significantly increase its value and the market demand in your industry by looking at it strategically. Closing and selling a business should be a planned event whenever possible. Ideally, it would help if you could start planning the sale of your business about five years out. Planning gives you a leadership role, […]
Selling your business is a significant decision. If you decide to take this step, you want the transaction to go off without a hitch. Without planning and arming yourself with knowledge, there are bound to be some bumps in the road that could compromise a smooth and profitable process. Here are the top mistakes the business owners […]
Death of an owner is actually a little easier to plan for than the disability of an owner. Both situations raise very similar questions, for example, (1) who will do the work the owner was doing?, (2) how will the owner, or the owner’s family, survive?, and (3) who will step in to make decisions […]
Estate Planning Unplanned Inheritance When an owner dies, without specific planning, their business interest becomes a part of their estate. Without a will or directive, the assets in the estate will be transferred in probate according to state law. This transfer could also result in tax consequences depending on the value of the estate. As […]
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