Your Business After You're Gone

You've spent your life building a business and want that hard work to benefit your family.  I understand that passing that value to the next generation is a daunting task.  This is where my experience with various business types and respect for family dynamics comes into play.

What can happen if I have not done anything to plan for my death or disability?

Failure to plan for your business can have a multitude of undesireable and financially devistating effects depending upon the stage of your life.  For example, in your younger years you are likely highly dependent upon the income derived from the business to pay for your home, food, and other necessities for your family.  Without a plan, the loss of this income may cause your family to lose a home, have to close your business and potentially forfeit everything you have worked for.

As a business owner, what can I do to protect my family and my business?

Though each business, business owner, and family situation vary, what all business owner's can do is to plan for a time when he or she is unable or unwilling to continue in the business.  Ways to deal with this situation include:

• Life and/or disability insurance
• Planning for family to take-over management
• Prepare business for sale to a third party
• Prepare business for sale to an employee or group of employees

For more information about these tools please see our Business Continuation and Sale Section or call me at (714) 704-4828 to schedule your no cost initial estate planning consultation.