Monday, February 29, 2016
Many business owners have not addressed what happens to their business and business interest should certain events occur. What about you? Do you have a written plan if any of these events happen:
1. You are sick and can't work.
2. You are disabled and won't work again.
3. You die.
Planning for these areas is known as business continuity planning or more simply, estate planning for business owners. There are two main issues at play:
1. What happens to the business if something happens to you?
2. What happens with YOUR interest in the business if something happens to you?
If you don't know the answers to these or don't have a written plan that addresses these, it is time to sit down with an estate planning attorney specializing in estate planning for business owners. The qualifications necessary are covered in other articles below.
Feel free to call or email me with questions on this or any of our articles. Thank you for your interest.