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We know that running a business is a full-time job that often leaves little room to think about planning for the future. But what happens to your business when you can no longer run it?
Can your family financially survive the unthinkable?
We know that running a business is a full-time job that often leaves little room to think about planning for the future. But what happens to your business when you can no longer run it?We plan for your business far differently than other lawyers and law firms.
Can your family financially survive the unthinkable?
Business succession planning is, in short, planning designed to ensure that a business can be continued in various business situations. Succession planning can help pass the business to family members, employees, or third parties as smoothly as possible. Business succession planning can also help ensure that an owner’s unexpected disability, divorce, or death does not destroy the business and leave the owner and his or her family in a tough position, or in case of a partnership, that a split between the business’ owners does not cause the business to dissolve.
Over the years, we’ve discovered that there are a specific set of challenges related to estate and business succession planning for small business owners, like: taxes, transfer of wealth, and family & financial well-being. But we also know that given the constant changes in the economy, changes in industry regulations, how google ranks your website, or a host of lots of other things that keep you up at night, you’re probably focusing most of your energy on business survival and future growth We know it’s important for you to stay on top of it all, but … what about your future?
… do you have a contingency plan?
… what about maintaining your family’s quality of life?
… who’s going to manage and run your business if something happens to you?
Will it be your spouse? Will it be a key employee? Or maybe someone else?
Over the years, we’ve discovered that there are a specific set of challenges related to estate and business succession planning for small business owners, like: taxes, transfer of wealth, and family & financial well-being. But we also know that given the constant changes in the economy, changes in industry regulations, how google ranks your website, or a host of lots of other things that keep you up at night, you’re probably focusing most of your energy on business survival and future growth We know it’s important for you to stay on top of it all, but … what about your future?
… do you have a contingency plan?
… what about maintaining your family’s quality of life?
… who’s going to manage and run your business if something happens to you?
Will it be your spouse? Will it be a key employee? Or maybe someone else?
think about this…
Every day, you wake up as a business owner wanting to help someone solve a problem – that is why you created your business’ products and services to begin with! You book appointments, receive orders, receive payment, pay your employees, pay some bills and bring the rest home to your family. You know, like we know, your family is counting on you to provide for them – the mortgage payment, kids’ private school, tennis lessons, cellphone bills, utilities, and a whole lot of other miscellaneous expenses we call LIFE.
think about this…
Every day, you wake up as a business owner wanting to help someone solve a problem – that is why you created your business’ products and services to begin with! You book appointments, receive orders, receive payment, pay your employees, pay some bills and bring the rest home to your family. You know, like we know, your family is counting on you to provide for them – the mortgage payment, kids’ private school, tennis lessons, cellphone bills, utilities, and a whole lot of other miscellaneous expenses we call LIFE.
maybe you get sick and are hospitalized or maybe it’s worse. We’ve seen far too often businesses suffer when the owner is absent/unavailable to make sure the business continues to run.
To make matters worse, no planning was done. So, no one, other than your executor or court appointed representative, can access your accounts, which leaves the business accounts frozen; no services provided by employees because no one can get paid; payments can be received and not disbursed until the Court approves of it. Where does that leave your family?
You see, far too often assets get tied up in Probate Court for a minimum of 18 months or longer. Even emergency motions dealing with businesses take around 90 days to be heard. This is no way to leave your family in their worst time – vulnerable, confused and with no one to turn to.
maybe you get sick and are hospitalized or maybe it’s worse. We’ve seen far too often businesses suffer when the owner is absent/unavailable to make sure the business continues to run.
To make matters worse, no planning was done. So, no one, other than your executor or court appointed representative, can access your accounts, which leaves the business accounts frozen; no services provided by employees because no one can get paid; payments can be received and not disbursed until the Court approves of it. Where does that leave your family?
You see, far too often assets get tied up in Probate Court for a minimum of 18 months or longer. Even emergency motions dealing with businesses take around 90 days to be heard. This is no way to leave your family in their worst time – vulnerable, confused and with no one to turn to.
We will be there for your family when you can’t and we have made it easy. Our Small Business Legacy Planning Package focuses on the key components to protect your family’s assets and to protect the business you have worked hard for:
All your Foundational Estate Planning that takes care of everything in case of your death or incapacity, including your Family Trust, PLUS
The right Corporate Governance which ensures that your Business is structured the right way and has all the ownership and operating agreements in place to protect the business ownership after the death or incapacity of the owner.
This Foundational Plan includes all of your necessary estate planning which will cover transfer of both your personal assets and your business interests.
As a Business Owner, we know you are busy – this plan will get both your Foundational Estate/Business Succession plan in place in less than 60 days.
This plan keeps your estate completely private. That’s right, there’s no public record of how many assets your business has or what it is worth.
Your family will have a trusted advisor in their corner to help guide them through all of life’s circumstances.
Your bank accounts aren’t frozen so your family can access your funds and the business can continue to run day to day.
You will save on legal fees related to the Probate Process, and Court Costs (which can be 3-5% of the value of your personal and business assets!).
Your assets bypass the Probate Administration Court process, and all the delays that are associated with it, so your business and assets are transferred immediately to your family.
Let’s Collaborate!
At Trust Counsel, we know that running a business is a full-time job that often leaves little room to think about planning for the future.
Let’s Collaborate!
At Trust Counsel, We plan for your business far differently than other lawyers and law firms.
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