One of the most overlooked aspects of running a business is establishing a business succession plan. However, it is crucial that this step is taken because it allows for and plans for the transfer of ownership of a legal entity to another after retirement and death. Businesses without a concrete succession plan can potentially end up in Probate Court where a portion, or all, of the business, ends up under the jurisdiction of the Probate Court.
In order to ensure your business is protected and falls into the correct hands to ensure the longevity of your hard work, you should have an established estate plan with a build in succession plan. Talk to one of our Business Succession Planning attorneys today.