Most employees of companies do not have to concern themselves with the future of the company after they retire or pass away. Of course loyal individuals certainly care about the company that they invested so much energy into over the years. But the truth is that when the time comes to step away the company will simply self-navigate into the future.
Conversely, succession planning is a very prominent concern for business owners who are planning for retirement and their eventual passing. And, the sooner you get started the better because the way that you manage the business over the years will logically be impacted by how you intend to exit.
Some people will want to sell the business to finance their retirement. Others will have a family member or members working in the business. These individuals may want to keep the business in the family after they retire or pass away. Exactly how you go about things will depend upon your future intentions.
Individuals who are partners in small businesses have another type of situation to sort through. How do you exit the business and take your share with you without damaging your partners in any way?
Small business owners who are planning for the future often have many questions, and the best way to have them answered is to seek out professional expertise. If you would like to do just that, take action right now to arrange for an informative consultation with a licensed and experienced Indianapolis financial planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.