Business Succession

Are you looking forward to retirement? Do you think about the day you will turn over your business to your son, daughter, or another family member to continue the proud family tradition of providing exceptional service and quality products to your customers? If so, do you have a plan for the smooth transition of the business to the next generation? Do you have a succession plan in place in case you are suddenly unable to help the next generation learn about the business because of your death or illness? If you are not familiar with business succession planning, then you are not alone.

When you are planning the future of your small business, it's common to want it protected for future generations. Estate planning can help protect family-owned businesses, but there are some common questions about business succession.

One of the areas of estate planning often looked over is what is popularly called "business succession." Business succession pertains to business owners primarily, or those who might inherit a business.