Many people plan their estate and forget to include a plan for their business. The amount of revenue a business makes doesn’t mean everything. It is important that you have an exit plan for when you leave your business. If you are a sole proprietor –what happens to your business when you die? If you have many partners in a corporation – where do your shares go? A business succession plan can answer all of these questions.
Failure to Plan for Your Business in Minneapolis
Passing away without a business succession plan in place can lead to unfortunate consequences for your loved ones and for your business. Without your express wishes for the future of your business, disputes can arise about how the business should make all necessary transitions. If you have a family-owned business, fighting among relatives as to who should play what role in the future of the business may arise.
With an uncertain future and a contentious working environment, employees, interest holders, and clients may leave. Planning and ensuring business continuity benefit everyone. Without a business succession plan, you leave your business to uncertain prospects.
Business Succession Planning in Hennepin County, Minneapolis, and Bloomington
A business succession plan is an integral part of estate planning. Your plan can address key issues as to the future of your business after you are gone. If you want to keep the business within the family, you can plan for this. Thinking about these things ahead of time also gives you the opportunity to discuss things with those involved. Maybe you want to leave your business to all or one of your children. Do they want to take part in running the business? If it turns out that one or more of your children does not want to be involved in the business, can the other children buy out his or her shares? With a business plan, you can make plans and contingency plans to address many different possibilities.
Additionally, your plan can create a transition team to ensure continuity in the business management and day to day operations. Instructions for the transition team can be included. How do you want your business to achieve certain goals? What role will different management positions play in achieving these goals? Who will take over your role when you leave and is there anyone else that you would like to help them make the transition?
Think about what you see for the future of your company after you are gone. Business succession planning helps that future become a reality.
Contact Our Expert Minneapolis Business Succession Attorneys Today!
Our businesses play a huge role in our everyday lives. That being said, it is surprising at how many people leave their business or pass away without having a business succession plan in place. Here at Unique Estate Law, we are skilled at developing detailed business succession plans as part of your comprehensive estate planning. Our businesses are important to us and many others.
If you are interested in a business succession planning consultation, contact us today by filling out a contact form or calling us at (952) 260-2043 with any questions you might have. Feel free to check out our fees page for pricing information.