Business Succession Planning
Strategic Business Succession Planning
If you own your own business, especially if you are the primary provider for your family, you should have temporary plans for continuing the business if you become incapacitated and permanent business succession plans for your eventual retirement and death.
When developing your business succession plan, you should consider things such as:
- Whether your business should be kept or sold (e.g., who besides you knows it well enough to keep it going; what training or systems can you establish now to prepare your successors);
- If the business is worth more by being sold as a whole or by selling off assets;
- Whether you have personal liability for any of your business debt;
- Who the best and worst prospects are for buying your business;
- If life insurance on your life could be a helpful tool for keeping your business going in the short term following your death.
Visit the profile of business succession planning attorney Elizabeth Blust on AVVO. Elizabeth Blust can help you evaluate your personal and business assets and liabilities and develop temporary and permanent succession plans. Please get in touch to discuss your situation.