New York business owners are very dedicated to their work. After all, they built their business from the ground up. With the time and effort you put into crafting your business, you deserve to see it flourish for a long time to come. One of the most important factors is a comprehensive business succession plan. This will keep it flourishing. Creating this plan and selecting a business successor early are two crucial components. You should do them as soon as possible.
Why is a Business Successor Important?
Just like you shouldn’t put off planning for incapacity, selecting a power of attorney agent and health care proxy, creating an executor checklist, or drafting a will, you should not wait to create your business plan or designate a business successor.
Why is this? It is because you do not know what the future holds. You may not want to retire until far into the future.
But what if something unexpected happens? What if you become incapacitated through injury or illness? What if you must stop working to take care of a sick or disabled loved one? No one knows when they will have to step away from a business. Prepare for it by having a succession plan in place.
Helping your Business Successor Take the Reigns
Selecting a successor early also takes the pressure off of the successor. Taking over a business is a huge undertaking. It will change the life of the successor without a doubt. To be fair to them, you should give them as much advanced warning as possible. This allows them to plan their life around inheriting your business. It will also give them time to consider the pros and cons of doing so.
When successors make a well-thought-out decision, your business is in the best hands.
Our experienced Albany estate planning lawyers can help you select a business successor and draft a copy that will ensure everything runs smoothly.