As a Florida business owner, you might also want to include business succession plans when you are tackling estate planning. We at L. Bruce Swiren, P.A., are here to help you look at your options for business succession plans.
Business succession plans are the part of estate planning that is specifically used to determine what will happen to your business after you pass away or pass it on. Many people just like you have hopes of keeping the business within the family. In order to ensure that this happens, you will need to do several things.
First, you must choose an heir to the business. Pick someone who relates strongly to your goals and core values. Go with an individual you can trust to run the business the way you yourself would. However, you should also have measures in place in case they are not willing or able to take this responsibility on.
After that, it is important to make a training plan of sorts. You will need to show your successor how everything is run, what to do in any situation, and how to continue important business relations. They will need to know every in and out of your business before taking it on.
Because all of this is necessary for a smooth transfer, making a business succession plan might be considered a crucial step.
While you are making your business succession plans, you may require some legal advice along the way. Consider taking a look at our page on estate planning linked above, which also includes information on business succession.