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Do you have a business escape plan?

As a California small business owner, you have to deal with challenges and complications every day. Owning a small business may be part of your version of the American dream, and you have put in significant effort into planning, financing and execution of important details. You have earned your success, but the planning does not stop once you start earning a profit.

In fact, you will find it beneficial to plan beyond your business. Whether it is through your passing, your retirement or your plan to eventually sell your business, you need a plan in place regarding what will happen to your company in the future. Small business succession planning is an important, albeit often overlooked, step for business owners and entrepreneurs.

What happens next?

Whether it is through your death, retirement, unexpected disability or sale of your company, you need a plan in place. As a person who invested significant time and effort into where you are today, you have the right to decide what happens next. A business succession plan should be a part of your estate plan, but what factors should you include? Consider the following questions:

  • Will you sell your business?
  • Do you plan to expand in the future?
  • Will your children or other beneficiaries get your business?
  • How will you transfer ownership?
  • What will happen if you have to file for bankruptcy?

The answers to these questions can help you develop a plan that is uniquely suited to your needs and financial and legal objectives. There is no one-size-fits-all approach to business succession planning, but you can take steps to ensure the full protection of your interests, as well as those of your beneficiaries.

Complex issues in your estate

Everyone needs an estate plan, especially if there are valuable assets and property in question, such as a profitable small business. From ownership to profit sharing, you can address these issues as part of your thorough and thoughtful estate plan. When much is at stake, there is significant benefit in seeking experienced legal help as you work through these important issues.

Planning for the future involves much more than designating who gets what in the event of your death. As a small business owner, it is wise to be intentional about every decision you make regarding the future of your small business, including what will happen if you retire or pass away unexpectedly. A case evaluation with an estate planning attorney can help you understand what steps you should consider.

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Law Office of Jeffrey B. Pape, P.C.
642 Pollasky Avenue
Suite 100
Clovis, CA 93612

Toll Free: 800-797-5677
Fax: 559-299-0920
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