#4 | The Perils of Appointing a Family Member to Run Your Business Without a Detailed Succession Plan
If you appoint a family member to take over your business after your passing without providing them a detailed plan, a few poor decisions can lead to the ruin of your company. Countless stories abound of family members inheriting multi-million-dollar businesses and mismanaging them, resulting in rapid decline. Even smaller operations like yours are at risk of suffering a similar fate.
Besides the risk of total destruction, your successor’s radically different management style can cause conflicts among your staff, clients, and family. Simply naming a successor is insufficient to ensure the business’s stability and prosperity.
Estate Planning Solution
An estate planning solution in the form of a comprehensive business succession plan can safeguard your company’s future. Beyond designating a successor, such plans establish detailed instructions for running the business. They cover ownership transfer, compensation and promotions rules, and dispute resolution procedures, providing a roadmap for continued success after your passing or retirement.
To complete your estate plan and secure your business, our Legacy Planning Process, led by your Estate Planning Lawyer, will create a thorough estate plan. This plan guarantees that the business and wealth you worked hard to build will not only survive but thrive, regardless of what the future holds.
Moreover, our estate plans encompass legacy planning services, allowing you to preserve and communicate your most cherished values, stories, and mementos to your loved ones. Working with us ensures that your business and legacy will offer maximum benefits to those you hold dear.
Our approach to estate planning goes beyond preparing for death and distributing your assets; it is about planning for a life filled with what you love and leaving behind a meaningful legacy through the choices you make today. This comprehensive service is why we call it Legacy Planning. Initiate the process today by scheduling a Legacy Planning Session.
