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Leaving your business in good hands

As a New Jersey small business owner, you know how difficult it can be to keep everything afloat. From daily expenses to future planning, there are many things for you to manage, control and carry out. It is normal to become wrapped up in the present, but it is also crucial for the longevity of your business to plan for the future as well. 

If you have not yet made plans for business succession, now is the time. Whether it is through retirement or your death, something will happen to your business beyond the role you currently play, and you have the right to decide what that is.

Controlling the future of your business 

Succession planning does not come in a one-size-fits-all form. There are many things to consider, and you would be wise to thoughtfully and carefully decide if you want to sell, pass control to a family member or do something completely different with your business. Depending on the nature of your business and your objectives for future growth, you may consider the following issues:

  • Choosing and training a successor
  • Laying out plans for a potential sale of the business
  • Investing in a retirement plan
  • Outlining plans for future expansion and franchising
  • Planning for handling current and future employees
  • Deciding how and when you want to transfer ownership

Making these decisions is not enough to protect your interests. In order to ensure the full protection of your financial control and the implementation of your carefully laid plans, you would be wise to work with an experienced attorney throughout this process.

When making your estate plan, it is easy to overlook these complicated issues when outlining your wishes for the distribution of your assets and the administration of your estate. However, you worked hard to build your business, and leaving these factors out of your plan could make the future complicated for you and your loved ones.

Every business needs a plan

Succession planning is an essential step for every small, family-owned or closely held business. Whether you own a small convenience store or run a large business with multiple employees, it is beneficial to take the necessary steps today to protect yourself tomorrow.

If you are unsure of where to begin or uncertain regarding the protections you need to include in your estate plan, it is prudent to first discuss all of your options with an experienced estate planning attorney. When you have a solid succession plan in place, you will have peace of mind regarding the future of the business you worked so hard to build.

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