Business owners have a responsibility to not only their family but also to their business partners. When planning an estate, it is also important for a business owner to consider the future of their business in the event of their incapacity or death. While some business owners prepare a succession plan when they start their business, many do not.
Discussing Business Succession Options
It is important to discuss with your attorney the various options you have available for your business. For example, you may wish to have a family member take over your portion of the business in the event of your death or incapacity. This decision is entirely yours, provided you make allowances during the estate planning process or when you are starting your business. If you fail to make these arrangements, you could be putting your family at a financial disadvantage and run the risk of your business failing.
One of the options available for business owners is having a buy/sell agreement in place. These agreements are typically drawn up to allow the remaining partners of the business to buy out your portion of the business. Triggering events could be divorce, disability, retirement, or death. We can help you draft an agreement that works for you.
If you are a business owner in the Dallas-Ft. Worth metroplex, contact BOOK LAW FIRM today and let us help you develop a succession plan for your business. You can preserve your business by taking steps today to protect your business in the event you are no longer actively participating in the day-to-day operation.