If you own your own business, one thing is certain: there will eventually come a day when you either physically can’t or just don’t care to hold onto the reins any longer. That time may seem light years away right now, but when it comes to business succession planning, it is never too soon to act. You never know when illness or unexpected tragedy will strike, making it impossible for you to continue operations on your own. For this reason alone, sooner is better than later.
If you haven’t yet given it much thought, do you really know what is involved with planning a workable business succession? If not, you can put your worries to rest. At Heffel Law Firm, we do. Our experience, background and skills concerning all aspects of business succession planning position us well to ensure that when the time does come, your enterprise will transition both smoothly and profitably. Here are some ways that Heffel Law Firm can help.
When it comes time to leave your business, you will have several options. You could:
Unfortunately, your relatives may have other ideas, and finding an interested buyer might be harder than you think. Even if you decide to just shut down, you’re sure to have some serious financial concerns.
There could even be more to the equation than that. If injury or serious illness should force you to step away sooner than you ever expected, would it amount to a brief hiatus, or could your exit turn permanent? Each situation will call for different protocols, and at Heffel Law Firm, we take pains to prepare both you and your business for every possible eventuality.
If unforeseen events should arise out of nowhere to put the kibosh on your business plans, would you be able to keep both your enterprise and your family afloat? Business disability coverage is a vital and trusted means of keeping them both above water, but it can only do this correctly if you’ve acquired the right type and in the appropriate amount. At Heffel Law Firm, we want to ensure that you and your business are protected against every potential scenario if you should become unable to handle things on your own.
Estate and retirement planning are two essential parts of any business design, especially if a large portion of your wealth is tied up in your company. It is never too soon to begin this preparation, and it’s best to do so now in case an unforeseen circumstance should arise and stymie your chance to ever get it done.
Good preparation will include involving your employees as well as mentoring a successor. You may already know who stands in line to take over your business. Now, it is up to you to teach him your signature methods and pass on your winning strategies.
As retirement day draws near, you’ll also want to meet with your employees to inform them of upcoming changes and ask for their input on what this might mean to them. It is also imperative that you break the news to any stakeholders well before the day on which the transition will occur. Anything you can do to inspire confidence in all interested parties will only be to your benefit.
You probably already have a vague idea of when you’ll be leaving your business, and there’s no need to write it in stone. The important thing is to be sure that when the time does come, you’ve long since gotten everything in order. Once you’ve talked things over with the experienced attorneys at Heffel Law Firm, you can be sure of having your ducks in line when the day does finally arrive.
The business succession lawyers at Heffel Law Firm have helped many entrepreneurs plan for their companies’ futures. You’ve invested much time and effort in your business, and arranging today for its later disposition will bring you the satisfaction and peace of mind that you deserve. At Heffel Law Firm, we go the extra mile to ensure that the plans you make for your business today match up with its future tomorrow.