New York business owners likely worked for years to achieve certain professional accomplishments. When an individual makes the decision to retire or is no longer able to effectively run a business, to ensure for one’s own financial security and a business’ future success, it’s important to take steps in business succession planning.
Even business owners who have no immediate plans to sell or hand over control of a business would be wise to start planning for its succession. Planning early and revisiting plans on a regular basis affords one the time needed to devise a plan that accomplishes both personal and professional goals. Additionally, planning for a business’ succession early provides an individual with the time needed to explore options and forge business and professional relationships that may prove to be advantageous in the future.
Even the wealthiest of business moguls is likely to have concerns when it comes to planning for one’s own future financial security as well as those of loved ones. An attorney who handles estate planning and long-term care matters can assist business owners in limiting tax liabilities and implementing strategies for the continued growth of one’s financial assets.
Given that many business owners sacrifice a lot and spend decades building and growing a business, it’s understandable that succession planning can be an emotional and difficult process. For these reasons, some business owners may avoid planning for both their future and that of a business. However, in doing so, a business owner ultimately relinquishes all control over what happens to a business and their own personal legacy.
Source: The Ohio Employee Ownership Center: Kent State University, “An Owner’s Guide to Business Succession Planning,” March 10, 2015
Additional resources provided by the author
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