When the time comes for you to leave your business will you be ready? Succession planning is essential to making a smooth transition to family members or new ownership. Plan your exit strategy carefully to maintain the value of your business. Our business law team often helps clients with this important step.
Partner Nancy Ling touches on a couple of points when figuring out if your business can continue after the owner passes away.
One of the questions that comes up frequently with my business clients or estate planning clients is “How do I make sure my business continues to support my family after I'm gone?”
This is actually a very complex question; the short answer is you should get in touch with your lawyer to discuss your succession planning and to make sure that it's going to achieve your goals.
The longer answer is, you want to use every tool in the toolbox. You might want to make use of shareholders agreements, if your business is run through a corporation with other partners. Or you could use a partnership agreement which sets out what will happen if one of the partners should die or become incapacitated. Other contracts that you want to know whether or not they are binding on your errors in your estate after you're gone. Then of course the regular tools that everyone should use like wills and incapacity planning. So depending how your business is set up, we may want to use multiple documents and tools to make sure that we provided for your family.
For more information please contact FH&P Lawyers - 250-762-4222.
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