Business Succession Planning Lawyer Bozeman, MT
A Bozeman, MT business succession planning lawyer knows that no one likes to think about their death and what it would mean to their loved ones. Unfortunately, death is something that is eventual and it’s important to have a solid estate plan in place. If you own your own business, then you also need to have a solid business succession plan in place, as well. Not only will this plan address what will happen to your business when you pass away, but you can also put plans in place to protect the company should you decide to retire or if you become too ill or disabled to run the business. This plan guarantees that even when you are no longer able to, you will still have the final say in what happens to the company you’ve worked so hard at building.
What Is a Business Succession Plan?
A business succession plan is similar to what a last will and testament is for an individual. A Bozeman business succession planning lawyer will make sure that your plan is set up so that if something should happen to you, there will be a smooth transition of ownership and your wishes as to who should be involved and who shouldn’t.
When Should an Owner Make a Business Succession Plan?
Just like people should not put off working with a lawyer to put together their estate plan, business owners should not put off working with a lawyer to put together their business succession plan. As the saying goes, there is no time like the present. If something should happen to you and you don’t have a plan in place, the courts will probably end up deciding what happens to your company. This can cause so much stress on your family – who will also be dealing with grief and loss.
Having a business succession plan will relieve your family of those burdens, as well as avoid a potentially long drawn-out, and expensive legal fight over control of your company.
And just like a personal estate plan, you can make changes to your business succession plan as often as you feel the need. In fact, it is recommended that you periodically review your plan with your attorney to make sure there are no changes or updates needed. Factors such as changes in tax laws, turnover of employees, or even changes in the interest of running the business by family members can all necessitate updates.
Contact Our Law Firm Today
If you own your own business, do not delay in contacting a seasoned Bozeman business succession planning lawyer to begin working on your business succession plan. Call Silverman Law Group, PLLC to schedule a confidential consultation and make sure that your family’s future is protected. Our law firm can also assist you in putting together a new or reviewing an existing estate plan to make sure that all of your assets – both personal and business – are protected.
