Estate planning for business owners
Business owners know the importance of planning ahead. When business owners create an estate plan, they are not just protecting themselves. They are protecting their employees, customers, and vendors.
Special Considerations for Business Owners
Business owners have the same basic comprehensive estate planning needs as our other clients. However, in addition to those needs, they also need to have a high level succession plan for the business.
The key parts of this additional planning include:
For single owner businesses, corporate documents that set out who will manage the company if the owner unexpectedly becomes seriously disabled or dies.
For businesses with multiple owners, a written buy-sell or operating agreement that sets out how a buyout would work if an owner unexpectedly becomes seriously disabled or dies.
·A discussion of succession from an operational perspective. Who would fill in if an owner is gone for three months with an illness? What key work does the owner perform that no one else knows how to do?
Getting Started
As with all of our planning, plans for business owners start with a no obligation consultation with an attorney. To get started, call our office to schedule your consultation. We look forward to working with you!