I enjoy working with small business owners. As a small business owner myself, I appreciate the responsibility that owners take on, whether it is to your family, your clients or customers, your team, and any partners you may work with.
Many businesses are not sufficiently liquid to keep the company going and the owner’s family thriving, in the event the owner is suddenly not capable of running it anymore. But with the right plan in place, business owners can ensure the people they care most about are well provided for if anything happens to them.
While facing death or disability is not the most pleasant prospect, doing so can actually make the small business owner’s life and business a whole lot better. A succession plan – or more simply put, a “life and death plan” – for your business will ensure you have:
- Enough insurance (and the right kind of insurance) to provide cash to keep your business going in the event of your death;
- A written plan to designate who will run your business (or prepare it for sale), when you are no longer able to do so;
- Documented access to your digital business assets so your business can continue to serve customers, collect payments, and pay expenses;
- A plan to keep your business (and your family) out of probate court, which is totally unnecessary and avoidable;
- An updated inventory of your business and personal assets so nothing is transferred to the state, including making sure your intellectual property is well-protected and capitalized upon;
- The story of your business, written, video or audio recorded, so you can leave a documented legacy of the lessons and experiences you learned along the way.
With a succession plan in place for your business, you can rest easy knowing that if anything happens to you, the people you care about most — your family, clients and customers, your team and partners — will be well cared for, in just the way you want. The peace of mind that comes with this plan frees you up to focus on making more money or better serving your community.
By partnering with O’Brien Estate Law, LLC, we’ll ensure you get from where you are now — no matter what stage your planning is in currently — to exactly where you want to be. Reach out today to schedule a call and get the ball rolling.