As a small business owner in Florida, you understand the hard work and dedication it requires to simply run a business and maintain its success. There are many things to consider and do in the day-to-day operations, yet it is also important for business owners to consider the future of their companies.
As part of your complete estate plan, you would be wise to consider adding a business succession plan. This step will allow you to decide what will happen after your retirement or in case of your unexpected death, and it can allow you more control over the continuity of your business or a new direction for the company. You built the business, and it is your right to decide what will happen to it.
What should be in your plan?
Just as your business is unique, your business succession plan should be unique to your individual needs and goals. There are various things to consider as you draft your plan, including the following things:
- Decide who will be your successor: If you want to pass your business to another family member, employee or other specific person, you can name that individual in your succession plan.
- Decide on a training program: If you plan to pass your business to another person, you would be wise to start now in outlining his or her training and how the takeover process will work.
- Decide on a timeframe: As part of your plan, you will need to include a general plan for when you plan to retire or step away for another reason.
Your succession plan can also include factors that will allow for continuity of operations in case you are suddenly disabled or there is another emergency. You can also include plans for either selling or shutting down business operations if that is what you wish.
Building your future can start today
It can be difficult to plan for the future, particularly for the small business you worked so hard to grow. However, it can give you great confidence and peace of mind for the future when you have a strong business succession plan in place.
Estate planning does not allow you to control the future, but it does provide a way for you to have more control over certain things. If you do not have a succession plan as part of your estate plan or you need to take the basic steps to draft an estate plan, you would be wise to act immediately to do this.