It can take years for a Maryland business owner to bring his or her company to a point where it is consistently making a profit. There is significant time and effort that goes into getting a new business off the ground, and it’s important to protect these business interests. One way to do this is by creating a business succession plan as part of a complete estate plan. This will ensure continued operations as preferred by the owner even after his or her passing.
What’s in a succession plan?
A business owner has the ability to create a plan that will allow for a measure of control over what happens in the event of his or her death. It also provides a way to plan for what will happen with the company after retirement in the future. Some of the things an owner can accomplish with his or her plan include:
- Organize the transition between the business owner to his or her successor
- Plans for handling partnerships and employment
- Laying out a plan for when and how the owner will step away
- Organize plans in case of the unexpected death of the owner
Clear planning can provide the company the ability to continue operating even after an unexpected situation. A succession plan protects the owner, the employees and the beneficiaries of the owner.
The right estate plan
Every estate plan is different. For Maryland business owners, it’s critical to create a plan that suits the individual needs of the company, both now and in the future. A careful look at the business operations and the owner’s objectives can reveal what estate planning options may be necessary to protect small business interests.