Estate planning is not limited to planning for your family and the distribution of your personal assets after your death. It also involves planning for the continuing operation of your business when you are no longer available to guide it. If you own a small business, it is important to consult a knowledgeable attorney regarding business succession planning to begin the process.
Benefits of Business Succession Planning
At Smart, Donohue & NeJame, P.C., our lawyers help clients make plans for the future of the organizations that they spent a lifetime building. The business succession planning process allows owners of family or closely-held businesses to leave their companies to one or more children or to partners. It can also provide assistance with closing up a business if certain conditions are met. In short, this niche area of estate planning allows individuals to secure the future of their businesses in the same way that a will can secure the future of a family.
A major benefit of undertaking business succession planning is that it can help avoid disputes after your death. By having a clear plan, the business owner can help protect the business from future litigation if ownership disputes arise or contracts are not enforced. He or she can also reduce liability exposure, provide for the payment of taxes and create contingency plans if the plans cannot be implemented for any reason.
For more information, contact Smart, Donohue & NeJame, P.C. to schedule a free initial consultation with our business succession planning lawyers.