Across Alabama, business owners are operating in a wide variety of industries and professions. One owner might be a downtown clothier, while another might be an oral surgeon. Another might be a plumbing contractor, while the guy who barely graduated from high school has a booming online business.
Business Owners Need Succession Plans
It doesn’t matter whether a business owner plans on passing his or her business over to a family member, selling it or closing it down. That business owner needs a succession plan that is drafted by one of the top law firms in Mobile, AL. Here a few things that you should do before you either retire, become incapacitated or pass away, and that succession plan is triggered.
Speak with your family. Somebody might already be in place who wants to take the business over.
What’s your exit strategy? A defined exit should be included in your strategy.
Put a team together. At the very least, an accountant and an estate planning attorney should be involved. You’ll want to confer with any partners that you might have too.
Carefully think about the people who have the necessary attributes to take over for you. Designate your successor and train him or her thoroughly.
Plan for the Contingencies
Don’t wait too long to create your plan. Nobody knows what tomorrow might bring. Your family could even be poorly equipped to pick up where you left off. Your children might have no interest at all in your business, or your family might even need somebody to run your business for them. Your wishes could even be to close your business down upon your retirement, incapacitation or death.
You can start working on your succession plan by contacting Johnstone Adams to discuss your business and what you anticipate for the future. Of all the law firms in Mobile, AL, we’re one of the most prepared to establish a plan with you. You can also start arranging for that by connecting with us through our contact format . You just don’t know what tomorrow has waiting for you.
