What happens if the single owner of a business dies? It is a tad morbid, but it is a very important part of business succession planning that needs to be prepared and discussed. The first question you need to answer is: who gets the business? Family, Children, and Minors As we...
In this post about business succession planning, we are going to talk about matters to consider in the event of a disability to the business owner. I typically approach the topic of disability by asking whether the owner is going to be disabled for two months...
Any discussion of business succession planning has to start with the overall structure of the plan. First things first, you need to remember that this document is flexible and can be changed at any time. A business succession plan is not a document that is...
This is the first in a series of posts that will be discussing business succession planning. Something that small business owners should be considering is what happens in the unlikely scenario of a long-term disability or death of the business owner? Business succession planning is...
For the past several weeks I’ve been talking about partnership agreements and how to legally structure a partnership. But, this post is a little bit different. It’s a little more personal and frankly a tad morbid, I suppose. I’ve been working with a client, two partners...