Estate Administration Lawyer Chandler, AZ
When forming your small business, it’s important to not only choose the correct business structure, but also to have a succession plan in mind for when this legal reality becomes necessary. It’s not uncommon for a business owner to put off succession planning for another time. After all, passing your business on to your heirs can seem like a long time away. However, if you own a small business, your business succession plan is a key component to your estate plan. A Chandler, Arizona estate administration lawyer can provide you with the guidance you need to ensure that your wishes for business succession are clearly outlined within your estate plan.
Business Succession
There’s much more to developing an estate plan than simply drafting a will addressing your personal assets and property. An estate plan can give you the ability to explicitly outline your final wishes. Business succession is one such component of an estate plan. Business succession plans can put in place a plan for retirement, or should you be faced with the unexpected. Putting the proper time and effort into your business succession plan can help prevent problems later on. Without a plan clearly outlining who will take over after you have retired, become incapacitated or passed away, puts your business at risk. Loved ones may be unclear of what comes next when there isn’t a succession plan in place, making the legal guidance of a Chandler, AZ estate administration lawyer imperative to the future success of your business.
Reasons It’s Important
Business succession is an essential component for the estate plan of any small business owner. Should you retire or pass away, chances are you will not want it to result in the demise of your business. A succession plan that is clear, and well thought out can help to ensure a seamless transition when the time comes. A Chandler, AZ estate administration lawyer can assist you in the process of putting together a succession plan that leaves nothing in question. A succession plan can help to:
- Help the organizational memory of the business to remain intact
- Prepare those within your business for your transition
- Provide a clear plan of roles and responsibilities of successors
- Help your business to continue to thrive
- A clear plan for the unexpected
- Safeguard the future of your company
The process of developing a business succession plan can easily be postponed for another day. However, doing so is not recommended. Working with a Chandler, AZ estate administration lawyer to draft a succession plan from the start can help loved ones and business partners have a clear picture of the plan when you step down from your business.
Contact a Business Lawyer for Help with Succession Planning
Developing a business succession plan is key for any small business owner looking for their business to continue long after they are gone. As a small business owner, it’s important that you obtain an experienced Chandler, AZ estate administration lawyer for help in managing the legalities that surround your business. Having a clear plan in place when starting your business and a succession plan for the future can ensure that your legacy lives on long after you are gone. Please connect with the legal team at Citadel Law Firm PLLC for help in all of your small business succession planning needs.