benefited your family. And part of what you wanted to do is keep it in the family. Another reason why business succession planning might matter is because you could have one or two loyal long-term employees who helped you build up the business and whom you want to see step into your shoes after you’ve retired. In addition to any of this, you may recognize that life is fragile, that at any moment you could become disabled or even die — and you don’t want to leave a huge mess for your family. You want them to know what to do and for it to be easy for them to take care of your business after you’re gone. Lastly, why should a business owner start business succession planning now? Well, one reason is that any business succession plan involves other people and other people’s lives. And sometimes those people have relationships with other people. And so it’s going to take a little bit of time and a lot of communication to work that out. Another reason to start that planning now is that some business succession plans take a while to implement because the person who’s going to take over the business needs to have some time in the business to get to know the operations, get to know the customers, and be prepared to take on that role of the business owner. And so, you might need time to execute that plan.
A third reason why a business owner would want to start preparing the business succession plan now is that life is fragile, life happens, and sometimes death happens. We had a client last year who was thinking about their business succession plan. And while they were thinking about it, that client had a medical event driving a truck, was in a fatal accident, and the business succession plan never happened. And yes, the family was left with a really difficult mess involving
multiple companies in multiple states. And the business plan would’ve helped. And so that’s yet another reason, just for the sake of your family and those who you leave behind, to get that in order. If you are a business owner and you’re ready to start the conversation about your business succession plan, please give us a call.
691 Sierra Rose Dr., Suite B Reno, NV 89511 775.448.6070 SierraCrestLaw.com
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