When it comes to business,
succession is perhaps the most fundamental concept and object of planning. So,
even though we realize that all beginnings will inevitably have an end, why is
it so hard to talk about?
If business succession is on
your mind then you will want to read a recent Forbes article titled “How to Succeed At Succession.” Before you read the original article,
remember this – the questions are as important (if not more so) than the
answers.
So, what kinds of questions
should you be asking yourself? Here are a few to ponder: Do you want the business to live on past you?
Who ought to lead it? What is the business in the context of your own estate or
the estates of your partners? Do you have an exit strategy in the event of
retirement, disability or death?
Make sure you consult legal
counsel with all parties involved in your business. In order to have peace of
mind about “the end” of your business, you must take appropriate planning steps
in “the beginning.”
For more information and articles on
estate planning and elder law topics, please visit our website
and sign up for our free monthly e-newsletter. You can also friend
our law practice's Facebook page (R Christine Brown).
Reference: Forbes
(January 15, 2013) “How to Succeed At Succession”