Estate Planning Considerations for Business Owners.
Recently we on boarded a new client and discovered when reviewing his business practices that the owner kept many of the processes to run his business in his head. That included routes in delivering his service. Its important not only conduct estate planning in the traditional sense, but also in non-traditional so as to assure business continuity if something happens to you as the owner. Employees or family members need to sustain the business in the event of the owner is not able to fulfill the day to day business operations. Thus, succession planning SHOULD be part of estate planning for owners. Assure all the processes are written down and explained to the person entrusted to run the company in the event your are not. A business is almost certainly an owner's biggest asset to pass to his/her estate so its worth is tied to successfully transition its operations temporarily or permanently to a successor. That can not happen smoothly if critical processes in the the mind of the owner and not written down. Just another way TheProfitConsultant.me seamlessly provides end to end financial management & planning across business and individual lives.