Business Succession Planning
Have you ever thought about what will happen to your business when you are ready to retire or if you die? Can you sell the business? Who can take over? What legal requirements do you need to worry about. Do you want it all to just disappear because you are done working in the business? Do you work with a partner in your business? Have you ever thought about what would happen if your partner died? If you don’t have any documentation in place then when your partner dies you could be in business with their spouse or kids or both. What if that partner holds the special license to operate the business? Can you get the license to keep the business going? I know these are all terrible situations to think about but the reality is things happen and if you don’t plan ahead then everything you’ve worked so hard to build may be gone either because of death or because of a forced sale.
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