Running a business isn’t easy. As a business owner, you’ve poured your time, energy, and vision into building something remarkable, but if you don’t have a proper estate plan, all your hard work could be at risk of unraveling if the unexpected happens. Whether you’re running a solo enterprise or leading a growing team, using the right strategies in your estate plan will ensure your family, partners, and legacy aren’t vulnerable to confusion, conflict, and costly legal hurdles. Here are some essential considerations business owners should address to safeguard their company and future. You Built It. Now Protect It Estate Planning Tips for Business Owners
Inspired by TheShortOrderCook.com
Grilled Teriyaki Flank Steak
Ingredients Marinade •
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1/4 tsp black pepper
1/4 tsp ginger powder
2/3 cup red wine 1/2 cup soy sauce or tamari 1/3 cup brown sugar 1/4 cup sesame oil 1 tbsp sesame seeds 1 tsp minced garlic
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1/4 tsp red pepper flakes (optional)
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Meat •
1 1/2 lbs flank steak
Directions 1. In a large bowl, whisk together marinade ingredients. 2. Place the flank steak in a large, rimmed dish. Pour the marinade over the meat. 3. Refrigerate and allow to marinate for 15 minutes. Flip and let marinate for another 15 minutes. 4. Preheat grill to 400 F. 5. Add the meat to the grill and cook for 3–5 minutes on each side. Leave the grill lid open to avoid overcooking. 6. For a medium-rare steak, remove from grill at 130 F internally, and for medium, remove at 140 F. 7. Let the meat rest on a cutting board for 5–10 minutes. Then, slice against the grain into thin pieces and enjoy! INSPIRATION “Change your thoughts and you change your world.” —Norman Vincent Peale
SUCCESSION PLANNING Though it may seem far off in the future, there will come a time when you need to hand over the reins of your business to someone else. Whether you plan to retire soon, have new life goals, or become ill, creating a plan for a smooth transition is crucial. A succession plan outlines who will take over leadership and the steps to ensure operations continue seamlessly during the transition. Setting this blueprint up will prevent important institutional knowledge from being lost, employee turnover, and disruptions for your customers. ONLINE ACCOUNT AND DIGITAL ASSETS Today’s businesses rely on online accounts to manage day-to-day operations and plan for the future. These accounts are valuable assets that need to be accounted for in an estate plan. Make sure you take an inventory of any online accounts (including bank accounts and vendor accounts), intellectual property, or proprietary data, and designate who will be responsible for managing them once you’re gone. Even assets like your website domain and social media accounts are valuable enough that you need to include them. You should provide instructions on how to access your digital accounts, including passwords or other login information, and who can access them. Business owners have unique estate planning needs, from a potentially larger tax burden to deciding whether to hand over ownership to a family member or sell the company completely. A skilled lawyer can help you determine the best ways to protect what you worked so hard to build. At Douglass & Runger, we specialize in helping business owners like you keep operations moving smoothly into the future. Contact us today at 901.388.5805 for a case evaluation.
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