Today we continue our conversation about estate and succession planning. What we want to talk about is three things you need to consider for your business succession plan. You’ve built up a business. Now you need to think about how the businesses will go forward after you’re gone.
Who has control?
Often what happens after someone passes is the business will be controlled by your spouse or significant other. Is that the right choice for you? Or should your personal estate and business holdings be split? That’s the first thing you need to consider in any business succession plan.
Who do you want to be in business with?
Business succession planning is especially important if you have partners in the business.
You need to make sure that there is a clear line of succession for each of those people. If a spouse is not going to get a share of the business then insurance payments need to be made instead. Don’t leave this planning until the last minute!
What’s the role of your family?
Often families don’t want to be involved in a business. If that’s the case in your family then you need to ensure they don’t inherit control of the company. Because that can have a real detrimental effect on the business after you die.
#estateplanning #wills #succession #smallbusiness #planning #legaladvice #law #australia #BLL
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.