Recently, in our post, “… And Then Get Back to Living,” we wrote about the importance of succession planning for every business. Last week, in Inc. magazine, there was a great article, “How to Create an Estate Plan,” which provides a step-by-step guide on the most effective ways to start thinking about planning for the future of a company. It emphasizes that this is something that all business owners need to be thinking about because huge legal issues can arise without a plan for how to pass on all the necessary information about the inner workings of a business should something happen to the business owner.
Some of the important takeaways from the article are:
Keep an open dialogue with those who will be affected by the plan, such as family members and business partners.
This is a process that lasts as long as the life of a company and it needs to be continuously refined and updated.
Find people you trust to work with you on planning, including estate planners, attorneys, accountants, insurance providers, and of course business appraisers.
It’s something to think about because no business owner wants their hard work, blood, sweat, and tears to be all for naught. You can take steps now to ensure the future of your company.
