Planning for Your Business and Your Life
Business planning is inherently tied to estate planning. None of us can work forever and just like we plan for time off, we need to plan what will happen to our business when we hope to retire. Planning for the end of our working lives can be hard. We have to ask ourselves, our families, and our loved ones some tough questions. One of those questions is whether there is someone in your immediate circle who wishes to carry on your business after you are done. Do you trust that person? Do they embody, and agree with, the values and ideals that you have developed as your business’ ethos? Perhaps most importantly, can that person afford to take over and maintain your business?
These are just a few of the questions we need to think about as we form business entities. We also need to consider the impact of our choices on the dynamics of our family. Is your family a part of your business? Do your children work with you? Are any of your family members your business successor? How do your other family members feel about your choice of successor? Perhaps a n employee, friend, or business colleague is a potential successor? These questions can’t be entirely answered by documents but once you make a choice about what you want to have happen to your business as you age, you will need to account for your business in your estate plan.
An integrated estate plan will help you plan for both your life and your business and it is important to develop a team of advisors who will help your get there. Your legal, tax, and financial advisors all know different things about succession. By developing this team now, you will be able to create a cohesive plan that will protect your business and your family.
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