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If you are self-employed, when you develop your estate plan, you should include your business in that plan. When planning for business success, you should plan for business succession. This is especially true if your business (1) is an entity (rather than a sole proprietorship); (2) you have people unrelated to you involved in the business; (3) one or more of your children is involved in your business; or (4) you are married.
Five events may trigger a succession:
Business succession planning will help you develop a plan that identifies the direction the business will take in any of these events, avoiding interruption, disruption or complete shutdown of your business and minimizing the financial impact on the business during the transfer of business power.
Not only can Munro Law Office assist with setting up your business succession plan, but Munro Law Office can integrate your business succession plan with your estate plan. For example: If a child works with you in your business, your estate plan can allocate the business interest to that child while leaving other assets to your other children.
Munro Law Office can assist you with business succession planning before the trigger event occurs, ensuring your affairs are in order and carried out as smoothly as possible with the least amount of interruption or inconvenience.