As a business owner, you wear many hats. You're the CEO, the CFO, the head of marketing, and maybe even the janitor. With so much on your plate, it's easy to put off succession planning. But if something happens to you without a succession plan in place, your business could be in serious trouble.
At Heritage Law Office, we have experience in helping business owners create comprehensive succession plans that will protect their businesses and provide for their families in the event of their death or disability. We'll work with you to identify potential successors and develop a plan for transferring ownership of your business in a way that meets your objectives. Contact us today to learn more about how we can help you create a successful succession plan for your business.
Why Business Succession Planning Is Important
There are a number of reasons why succession planning is so important for businesses.
First, business succession planning ensures that your business will have a continuity of leadership if you're no longer there to run it. This is especially important if you're the sole proprietor or founder of your company. Without a succession plan, your business may be forced to close its doors if something happens to you.
Second, business succession planning can help you avoid disputes among family members or other stakeholders about who should take over the business in the event of your death or disability. By having a clear plan in place, you can avoid these kinds of disagreements and ensure that everyone knows what will happen to the business if something happens to you.
Finally, business succession planning can help you maximize the value of your business when it comes time to sell it or transfer ownership. If you have a well-executed succession plan in place, potential buyers will see that your business is prepared for a smooth transition of ownership and will be more likely to pay a premium price for it.
What Happens If You Don't Have a Business Succession Plan?
If you don't have a business succession plan in place, the consequences can be significant.
If you pass away without a business succession plan in place, your business will be subject to probate. This means that your family will have to go through the court system to settle your affairs—including your business. Probate can be costly, time-consuming, and stressful. In addition, it's possible that the court could appoint someone to manage your business who doesn't have your best interests at heart.
Additionally, your business will likely go through a period of uncertainty and turmoil. This can lead to a loss of customers and revenue. Your employees may also become concerned about their job security and decide to look for other employment.
Finally, your family may be left with the burden of liquidating your business or dealing with its debts.
Contact a Business Succession Planning Attorney in Wisconsin
Succession planning is an essential part of ensuring the future success of your business. At Heritage Law Office, we are experienced in helping business owners create comprehensive succession plans that will protect their businesses and provide for their families in the event of their death or disability. Contact us today by calling 414-253-8500 or by sending us a message to learn more about how we can help you create a successful succession plan for your business.