Many business owners fail to develop business succession plans. However, having a business succession plan can help keep your business operating smoothly in case you pass away suddenly or become incapacitated. Your business succession plan will include:
Without a business succession plan, your business can flounder if you die suddenly or if you become incapacitated. Your family could fight over who should take over the business and how much it is worth. Those running your business may have a cash flow problem if you didn’t have an insurance policy to cover your business succession. Your business could be sold for less than its worth.
You should consult an experienced attorney to help you make a business succession plan. An attorney can guide you to ensure you have made a solid plan and protected your business’ future.
You don’t want your business to suffer if you pass away suddenly or become incapacitated in an accident or because of an illness. With a business succession plan in place, you can make sure your business will thrive for years to come.
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