Houston Estate Planning and Elder Law Attorney Blog
Succession planning where company ownership is concerned can be fairly complicated, but at a simple level every plan is based on two basic issues. You’ve probably thought a lot about who will take over for you; that’s one. But, just as importantly, how can you make sure what you want to happen will happen? Without the right short- and long-term plans in place, it won’t.
Business succession planning focuses on two main concerns. On the one hand, what will happen way down the line when you're ready to give up the business? And, on the other hand, what will happen to the family business if you pass away tonight?
What is needed is a tiered approach as explored in a recent Forbes article titled “Don't Let Your Family Business Die With You.” This may require both short-term plans and long-term plans.