Opening your own business is an exciting opportunity, but it is also one that requires thought about things that will happen long into the future in an ideal situation.
"More than 50 percent of all small-business owners are 50 or older, according to the U.S. Small Business Administration. That means many of America’s 28 million small-business owners are coming to that point in their lives when they need to think about a transition for their businesses."
Most people find themselves suddenly grappling with the problems of a business succession plan far too late. Putting their loved ones in the difficult situation of trying to figure out what to do with the company, and even whether they are legally empowered to take action with that company without all of the tools and implements necessary. Thankfully, doing some advanced planning with the help of a [business succession planning NJ] planning lawyer can give you a great deal of peace of mind and also provide clarity to your loved ones in the event that something suddenly happens to you.
There are six critical elements of a powerful business succession plan that enables everyone in a power position to make the crucial decisions required when someone suddenly becomes disabled, wishes to exit the business or suddenly passes away. These six elements include:
The right business succession planning lawyer is a strong advocate for the rights of the business owner as well as for the future of the company when engaged early.