Delaware readers understand there are many reasons why they should plan for the future and have a strong estate plan in place. This involves more than just deciding what asset should go to which beneficiary — it should also include what happens to your small or family-owned business. Business succession planning is an important step that any entrepreneur should take.
You worked hard to start your business, make it grow and achieve the success you have today. You should also have a say in what happens to it down the road. Instead of leaving it up to chance, make plans now for the sale or passing on of your company. Even if you think it is not necessary at this point in your career, having these plans in place can help you look to the future with confidence.
What’s in this type of plan?
You can craft a business succession plan to meet your needs and achieve your goals for your unique type of company. Planning early is smart, as it is impossible to predict the future. With the right documents, you can outline your wishes for what happens in case of your unexpected passing, your retirement in the future or incapacitation. Some of the things you may want to include in your plan are:
- If you want to pass your business to a loved one, you can use your business succession plan to clearly name who will follow in your footsteps.
- You can go ahead and outline your training plan for your successor, including what he or she will need to do to successfully run your business.
- If you plan to retire, you can go ahead and set a timetable for that and make plans for the time leading up to when you will step away.
There are various things you can choose to do with your company. You can sell it, pass it to a family member, transfer business assets, establish certain trusts or set up family partnerships.
There are many options for you as you think about your future and the future of your company. Whether you know exactly what you want to happen, or you are not sure of the best course of action, a complete assessment of your case with an experienced estate planning attorney can be helpful. You may find it useful to learn about all the legal options available to you and how you can establish the necessary legal and financial protections.