Developing a successful business takes too much hard work and devotion to neglect business succession planning. Business owners need to thoughtfully prepare a plan that ensures their business maintains its vision and continues moving in the right direction after they are gone. Whether this is by keeping the business within the family’s control or by passing the business to a trusted associate, business owners have a lot to consider when making these plans. And, making these considerations without the advisement of an experienced Arizona business succession attorney is simply a bad business decision.
Business succession planning can be done independently or as part of an advanced estate plan, but it should always be addressed. When developing a plan, business owners should consider diverse issues, ranging from deciding who will control the business after they are gone to the tax consequences that will result from the transfer. Because so much of a business owner’s wealth tends to be tied up in his or her business, business succession planning can often be the most important facet of an estate plan. As such, an estate planning attorney without experience in business succession planning is simply not equipped to handle these types of matters. If you are a business owner looking for an estate planner in Arizona, call JacksonWhite today.