For the love of your business

Q&A Can my family take over my business after-death?

Clarifying Questions

QUESTION

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Q:    How can I make sure that my family will be able to successfully take over my business once I’m gone?

—Ready to Retire

 

ANSWER

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A:     Dear Ready:

There are countless stories of family members assuming control of multi-million dollar companies and running things into the ground in just a few years. And if such massive fortunes can be squandered so easily, it’s doubtful that smaller operations like yours will fare much better.

A comprehensive business succession plan can help ensure your company doesn’t fall apart when you retire or pass on. Beyond simply naming a successor, such plans provide stability and security by allowing you to lay out detailed instructions for how the company should be run.

From specifying how ownership is transferred and providing rules for compensation and promotions to establishing dispute resolution procedures, an effective succession plan can provide the new owner with a roadmap for your company’s continued success.

Your Family Business Lawyer will help you create a comprehensive succession plan as part of your overall estate plan to ensure the business you’ve worked so hard to build will survive—and thrive—no matter what happens to you.

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