EXITING YOUR BUSINESS
Nov. 20, 2013
When you first enter into a small business, you are well aware of the fact that a high percentage of start ups wind up failing.
As a result, your first objective is going to be to work tirelessly to make your business start turning a profit as soon as possible. It is likely that asking yourself how you are going to exit the business someday is among the furthest things from your mind when you first get started.
However, when your business is in fact on firm footing after you do some celebrating it is time to consider the future. People who are employees have a particular estate planning scenario that they are looking at. They are receiving income in most cases without having any particular stake in or responsibility for the ongoing operation of the business after they retire or pass away.
On the other hand, small business owners are in a different position. They have to consider how the business will be handled after they retire, become incapacitated, or die.
Your vision for the future is going to impact your decisions in the present as you are running the business in a number of different ways.
If you are going to hand the business off to the next-generation you may proceed differently than you would if you plan on selling the business. If the viability of the business is solely dependent on you as the owner as it may be with a professional practice you are faced with another type of situation.
Intelligent long-term planning is key. If you are a small business owner, the wise course of action is to discuss your succession planning options with a licensed and experienced San Bernardino estate planning attorney.