Planning For The Next Generation Of Business Ownership
With careful planning, the business that supported your family during your lifetime can continue to benefit future generations.
Attorney William S. Dunlevy in Camarillo, California, draws on more than 40 years of estate planning and business law experience to draft succession plans for small and medium-sized closely held businesses.
If You Own A Business, You Need A Succession Plan
Many business owners put off creating a succession plan because they don’t like to think about a time when they will not be running the business. The sooner you begin planning, however, the better off you will be.
Here are examples of the types of questions your succession plan should answer:
- What type of business entity should you have?
- How will you protect family members from liabilities associated with the business?
- How can you minimize taxes?
- Who will run the business?
- How will other family members benefit from business profits?
- How will you make business decisions?
Consult an experienced business and estate lawyer to begin planning for the succession of your business. Lack of planning leads many small businesses to fail following the founder’s passing.