SE HABLA ESPAÑOL
SE HABLA ESPAÑOL
and Advisors help enterprising Business Owners manage complexity and design their own unique path to successful succession.
and Advisors help enterprising Business Owners manage complexity and design their own unique path to successful succession.
After investing a significant amount of time and money into building a successful business, it is important to consider what will happen to it after you are gone. Without a plan in place to deal with that reality, all of your hard work could be squandered in the event of your death or incapacitation, leaving your spouse and children with the chaos and uncertainty of figuring out what happens next.
After investing a significant amount of time and money into building a successful business, it is important to consider what will happen to it after you are gone. Without a plan in place to deal with that reality, all of your hard work could be squandered in the event of your death or incapacitation, leaving your spouse and children with the chaos and uncertainty of figuring out what happens next.
we are far too familiar with what happens when there’s no planning in place and the impact that it has on a business owner’s family. Especially when most businesses provide, not only for your employees, but for your spouse and children too as they also depend on the business’ income and assets to live.
The first steps regarding business succession planning is to understand what it is, why it is important, and what options are available to you.
Family
Businesses
Entrepreneurial Partners of Small to Medium Size Businesses
Family
Offices
Family
Businesses
Entrepreneurial Partners of Small to Medium Size Businesses
Family
Offices
Business succession planning involves developing a strategy for what happens when an owner leaves the business, retires, or passes away. It sets out step-by-step instructions for what to do, specifically when it comes to a transfer of ownership. Business succession plans are most critical for small businesses and should be included in the owner’s estate plan.
Effective business succession planning ensures an organization continues to function following the exit or death of an owner, minimizing the associated costs and disruptions to the business while ensuring its longevity. In sum, business succession plans – if done correctly – minimize risks and help the family remain in control to be able to extract maximum value from the business.
Business Succession Planning is having a crucial roadmap for the sustainable future of your business. Whether you’re a small business owner or run a family enterprise, planning for succession is essential, not optional.
Business succession planning involves developing a strategy for what happens when an owner leaves the business, retires, or passes away. It sets out step-by-step instructions for what to do, specifically when it comes to a transfer of ownership. Business succession plans are most critical for small businesses and should be included in the owner’s estate plan.
Effective business succession planning ensures an organization continues to function following the exit or death of an owner, minimizing the associated costs and disruptions to the business while ensuring its longevity. In sum, business succession plans – if done correctly – minimize risks and help the family remain in control to be able to extract maximum value from the business.
Business Succession Planning is having a crucial roadmap for the sustainable future of your business. Whether you’re a small business owner or run a family enterprise, planning for succession is essential, not optional.
To make it easy, we have broken it down to two main types of succession plans:
To make it easy, we have broken it down to two main types of succession plans:
An emergency succession plan manages a sudden change of ownership. For example, an owner may die unexpectedly, and this event can send the business into a downward spiral.
An emergency succession plan considers the legal transfer of ownership and interim measures to follow while longer-term plans are developed, such as the appointment of an acting successor. At a minimum, all CEO/Entrepreneurs need this level of Business Succession Planning to ensure their family continues to be taken care of no matter what.
Long-term planning involves proactively looking ahead and preparing for an eventual transfer of ownership, such as when an owner retires. It often requires identifying and developing talent over an extended period to prepare individuals to step into key leadership roles.
A long-term business succession plan should be reviewed and updated regularly based on the company’s changing needs.
At Trust Counsel, we work with all types of Small to Medium Size closely held businesses, including businesses with just one owner, businesses with multiple owners, and Family-Owned Businesses.
Each has unique challenges that will be addressed when helping them tailor succession plans.
Knowing the risks can help you avoid them. Many exist when a small or family-owned business doesn’t have a succession plan. Some of the more common risks include:
When the owner of a business dies, often times a financial institution will freeze the accounts and will not allow anyone access until an executor is appointed by the court to be in charge of the estate. The executor becomes the only person who has legal authority to access your assets, including your business.
While it’s possible to leave your company to someone in your will, it’s far from the ideal option. That’s because, upon your death, all assets passed through a will must first go through the court process known as probate. And the cost, time, and complexity involved when the court makes decisions about your business assets is completely unnecessary. During probate, the court oversees your will’s administration to ensure your assets (including your business) are distributed according to your wishes. But probate can take over a year to complete, and it can be quite expensive, which can seriously disrupt your cash flow and your company’s operation. What’s more, probate is a public process, potentially leaving your business affairs open to your competitors.
A business’s success is often based on the relationships that are nurtured over the years. When a trusted owner dies or exits the business, clients and customers want assurances that the business will maintain the same level of quality services, or else they will leave, too.
If you do not have a business succession plan in place, transitioning from one owner to another will take more time. But time is money, and the longer it takes to recover from the loss of the owner, the more likely clients, customers, employees, and investors will lose their faith in the business and go elsewhere.
If leadership fails due to a lack of a succession plan, you put your greatest resource at risk: specialized employees. Skilled and experienced employees are in high demand and so they may look for professional opportunities elsewhere.
If a succession plan is not in place and a hungry competitor becomes aware of the situation, they could plan to take over your business to increase their market share.
When a business owner dies or exits a business without a succession plan in place, the core values and mission of the business may be questioned. Without the right leadership and quick decision-making necessary to keep the business intact, conflicts may arise among personnel, employees, and others.
These risks are just a few examples of what a strong, solid business succession plan can help you avoid.
Devising a business succession plan is an important consideration for all business owners. Here at Trust Counsel our team of Attorneys have the experience and expertise to help you decide how you want your business to continue after your death or departure.
Let us help you protect the business that you put your hard work and assets into and be there to guide your family when you can’t be.
At Trust Counsel, we work with all types of Small to Medium Size closely held businesses, including businesses with just one owner, businesses with multiple owners, and Family-Owned Businesses.
Each has unique challenges that will be addressed when helping them tailor succession plans.
Knowing the risks can help you avoid them. Many exist when a small or family-owned business doesn’t have a succession plan. Some of the more common risks include:
When the owner of a business dies, often times a financial institution will freeze the accounts and will not allow anyone access until an executor is appointed by the court to be in charge of the estate. The executor becomes the only person who has legal authority to access your assets, including your business.
While it’s possible to leave your company to someone in your will, it’s far from the ideal option. That’s because, upon your death, all assets passed through a will must first go through the court process known as probate. And the cost, time, and complexity involved when the court makes decisions about your business assets is completely unnecessary. During probate, the court oversees your will’s administration to ensure your assets (including your business) are distributed according to your wishes. But probate can take over a year to complete, and it can be quite expensive, which can seriously disrupt your cash flow and your company’s operation. What’s more, probate is a public process, potentially leaving your business affairs open to your competitors.
A business’s success is often based on the relationships that are nurtured over the years. When a trusted owner dies or exits the business, clients and customers want assurances that the business will maintain the same level of quality services, or else they will leave, too.
If you do not have a business succession plan in place, transitioning from one owner to another will take more time. But time is money, and the longer it takes to recover from the loss of the owner, the more likely clients, customers, employees, and investors will lose their faith in the business and go elsewhere.
If leadership fails due to a lack of a succession plan, you put your greatest resource at risk: specialized employees. Skilled and experienced employees are in high demand and so they may look for professional opportunities elsewhere.
If a succession plan is not in place and a hungry competitor becomes aware of the situation, they could plan to take over your business to increase their market share.
When a business owner dies or exits a business without a succession plan in place, the core values and mission of the business may be questioned. Without the right leadership and quick decision-making necessary to keep the business intact, conflicts may arise among personnel, employees, and others.
These risks are just a few examples of what a strong, solid business succession plan can help you avoid.
Devising a business succession plan is an important consideration for all business owners. Here at Trust Counsel our team of Attorneys have the experience and expertise to help you decide how you want your business to continue after your death or departure.
Let us help you protect the business that you put your hard work and assets into and be there to guide your family when you can’t be.
It all starts with a Business Legacy Strategy Session…
It all starts with a Business Legacy Strategy Session…
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At Trust Counsel, we are far too familiar with what happens when there’s no planning in place and the impact that it has on a business owner’s family.
Let’s Collaborate!
At Trust Counsel, We plan for your business far differently than other lawyers and law firms.
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