When meeting with small business owners we often here these significant questions:
- How can I protect my farm or business while I’m alive?
- How can I pass my farm or business on to the next generation after I’m gone?
- I want to be fair to my children, but does that mean equal?
A well-designed estate plan can be the foundation for important protections while you’re living, and it can also serve as the catalyst for passing your business or operation on to the next generation in the best possible manner.
A succession plan will not work by mere chance or pure luck. Rather, the continuity of what you have worked hard to build will occur as a result of your thoughtful consideration and thorough planning. Planning for incapacity or death isn’t just recommended. It’s required if your goal is to pass along the opportunity to continue what you’ve built and solidifying your legacy as a successful and caring provider.