Ensuring Stability in your Small or Family Business
Whether you own a rental property, sell baked goods from your home kitchen, or have a thriving small business with a dozen employees – you need stability of operations in the event you become incapacitated or pass away.
Don’t assume that your spouse or business partner will be able to pick up the slack. Even with a Will leaving your share to your children or a General Power of Attorney allowing your spouse to manage your finances is not a guarantee that things will go smoothly.
You need a small business succession plan. Most often these plans are baked into the way your company already works – like which business partners can take certain actions and who is responsible for filing the quarterly taxes.
Passing the Baton
Everything that has a beginning has an end. It is important that you prepare to pass the baton to the next generation – whether at your company or inside your family – so that your small or family business survives.
Small businesses leaders typically don’t spend years grooming a successor to take over the company, so having a small business succession plan in place means that your business won’t fail while your loved ones are trying to put the pieces together.
You need to also put into place a sound written management structure to ensure bills are paid and the business keeps running should something happen to you. Naming a successor to run the company in the Succession Plan means a day won’t go by without a qualified person of your choosing managing the business.
Contact Us For A Free Initial Consultation
Field Law is based in Baton Rouge, but we serve clients throughout Louisiana. We are also pleased to work with clients outside the state on matters related to Louisiana estate law and successions. To arrange a free consultation, call us at 225-341-8221, or send us an email.