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The decision then is how to allow each family member to benefit equally from the business — those who are active in operations and those who aren’t.How is planning affected when there is ownership or management outside of the family?Assuming that the owner wants to perpetuate the business within the family, he or she needs to determine how engaged the family is in the business and if they are able to manage and operate it.
Ultimately, whatever the owner decides shouldn’t be a surprise to the family — they should hear from the owner what roles each family member will have and how they’ll benefit from the business, if at all.
For most entrepreneurs, their biggest asset is often their business.
“Succession planning shouldn’t start at death or disability.
That’s too late.” spoke with Karas about the many considerations business owners should make when determining their estate plan.
After all, it's likely that as the owner of a small business, the success of your company is the main source of your economic stability, and it would be foolish not to plan for the future of your company.
Business Estate Planning
Just as we think about our personal future – what is the next house or car we want to buy, where will I go on my next vacation – so too must entrepreneurs think about the future of their business estate.
Our accomplished wealth transfer & succession planning attorneys provide the knowledge, understanding and integrity required to create effective estate and business-succession plans.
We advise high-net-worth individuals, couples, families and their fiduciaries on the protection and management of assets, and we help provide the peace of mind and long-term security that enables our clients to focus on other important personal and professional goals.
There is a lot to think about when business owners begin estate planning.
As they think through what to do with what is often the most valuable asset in their estate, they’ll need to determine whether the company will be passed on or sold.