If you are a business owner or entrepreneur, you can’t afford to leave your company out of your estate planning. This process, known as succession planning, involves so much more than deciding who will be the key person to take over your company when you decide to depart.
This involves carefully thinking about the team you will need to have in place and whether or not you will need to engage in the hiring process in the next couple of years to get these core components in place.
Identifying and developing the new leaders who will step in to replace you when you leave, retire or pass away is critical. No matter what type of business you own, you must be able to think about this with your partners or other key stakeholders in your company.
I've worked hard to create a law firm and business I am very proud to run that is instilled with my missions, values, and personal goals.
Deciding what will happen to it after I'm no longer interested in being part of the firm is an important component of running this business and setting it up for success for the long haul. When you own a company, you must factor this in to your overall estate planning process.
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