Ownership and interests in businesses are among the most important parts of your estate. For you to ensure that these businesses continue to benefit your family and loved ones after you pass, it's important to have a business succession plan in place.
Without a clear plan, the sudden loss of an owner to a business can be catastrophic. The heirs of the former owner may dispute who has better claim to it, and such fights can lead to tremendous instability that resonates throughout the company.
Business successions plans help shareholders and owners ensure that the loss of a key person has a minimal disruption on the business and keeps short-term uncertainty and instability from harming the business's long-term interests.
Because of the varied nature of different types of businesses, it is important to consult with an attorney to ensure that the business succession plan fits your vision for the company's future, and that the person to succeed you will follow through on that vision. We can also help your family continues to benefit from the business, even if those family members are not going to be involved in that business's management.