Business Owners Need an Exit Strategy
No one is able to work forever and unexpected deaths happen. For these reasons, it is important to have an exit plan in place. Just having a Will is not sufficient, especially if you have a Limited Liability Company. In that case, it’s important to make sure your business succession follows your estate planning.
Plan for the Future to Avoid Stress and Grief
Not everyone wants to work until the day they pass away. One of the benefits of being self employed is that owners are allowed to retire on their terms. Sometimes business owners don’t even realize what options are available to sell their business, or even that it might be something that can be sold.
Even if the ultimate plan is to have a child or children run the business the question is are you just going to give it to them? If so, are you just going to live on retirement funds? Or do you want to have your children invested in the business and be able to fund your retirement when they take over? What happens if they don’t want it or you die before they are able or old enough to properly run it? A business owner has more options and less is left for the heirs to resolve when they plan an exit strategy.
Don’t leave the decisions to fate or to your family to deal with when you are gone. The Law Offices of Marc J. Miles P.A. can advise you of all the options available and help you structure a plan for your retirement or the succession of your business upon your death.