You’re always looking for ways to make your business better, but are you making sure your business is also protected? If your business has been established as an LLC, or Limited Liability Company, there are ways to transfer your assets to the next generation through your estate plan. Here’s how to include your LLC [...]
If a business has multiple owners, eventually a change in ownership will need to happen. An owner will retire or move on for another reason. Don’t forget that emergencies can also happen. Changing ownership doesn’t need to be complicated. Planning ahead will help dispel disaster when the time comes for a transition. The plan [...]
Updating your business succession plan should be a regular part of managing your business. We previously wrote about common succession planning mistakes that are made and one of the biggest mistakes that needs to be highlighted is not updating your succession plan regularly. Like your estate plan, your business succession plan is not set [...]
As a business owner, you probably feel that your business is your baby. Business succession planning always seems so far off. It’s hard to think about what may happen to your business when you’re no longer able to run it. To ensure your business will keep running once you leave it, or to get [...]
Recently, I received a phone call from a good friend of mine, telling me that he is going through a divorce. Although he was expecting an amicable split of his liquid assets and share custody of his minor children, he could not say the same about his business ownership. My client’s divorce is now at risk [...]
Businesses usually start with best intentions and under the best of circumstances. However, down the road many life events and business challenges occur that change business owners, their relationships, and goals. It’s essential, therefore, for most new businesses to begin with a discussion of a buy-sell agreement. A typical buy-sell agreement functions in the same [...]
The past few years have seen an increase in small to middle-sized business sales. The economic forecast suggests that this trend will continue. If you are considering a business sale, it’s vital to understand the selling process and prepare your business for the contemplated sale well before you try to put your business on the [...]
