Most successful business owners do not think much about their last day at work: they are too busy! It is the wise ones who think about an exit plan for their company. Without this, they can leave their family with a tangled mess of red tape, income problems and many tears. Don’t neglect this important responsibility. Contact a business attorney in Wichita, KS when company matters hit close to home.
Start Today if You Do Not Have a Plan in Place
Not only will this save years of frustration, if you create a plan to continue your business, it will also likely prevent a huge tax bill. Many families have been presented with large estate tax bills, and this has forced them to sell companies to pay it in full. Company owners work long days and often take fewer vacation days than just about anyone else does. But taking the time to create a succession plan will save your company for the next generation and may also keep them from going into debt. A business attorney can help you to organize how to leave your business to heirs. Whether they are in diapers or graduating from college, work together and strategize what comes next.
Experts recommend that you give a small percentage of your business to heirs as soon as you can. You maintain the majority of the ownership. As your business and life circumstances, change, raising their percentage will be the logical choice in most cases. Many take this time to teach their children or heirs about the business, whether giving them a job or an internship in the company, so they can learn as much as possible.
Family Matters as Much as Business
You are quite likely proud of building a business from the ground up. It can be hard to imagine passing it along and letting someone else run it the way they want. This is one of the reasons many CEOs and entrepreneurs put off this critical decision. A lot of company owners also know logically that they should give children equal percentages in a business. Truthfully, not every child is meant to be in charge of a company or should have that type of responsibility handed to them. A knowledgeable business attorney can explain your options and help you decide what would be the best choice to make. Each business owner will make an individual choice, and a decision that a fellow CEO you know made may not work perfectly for your circumstances.
There will come the time when your days are not spent in meetings or arranging business deals. When your biggest goal is improving your golf score or playing with your grandchildren. Meet Fleeson Gooing and contact a business attorney today to discuss your options. Time gives you more opportunities, and it is time now to take advantage of them.
