Without a business succession plan in place, a number of events can happen to a business after the owner dies or suddenly becomes incapacitated, and a lot can depend on the business structure. Sole Proprietorships: If the owner of a sole proprietorship dies, the business, like the rest of the deceased’s possessions and finances, becomes […]
Just as important as wills and estate plans are for individuals and families, so are business succession plans for business owners. A succession plan is essentially a strategy for what happens to a business if the owner should pass away or simply decide to step away. It’s also a pathway to help business owners identify […]
Death of an owner is actually a little easier to plan for than the disability of an owner. Both situations raise very similar questions, for example, (1) who will do the work the owner was doing?, (2) how will the owner, or the owner’s family, survive?, and (3) who will step in to make decisions […]
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