The article, “The Importance of Estate Planning When Building Your Business”, published by the Entrepreneur, outlines the importance of updated estate planning documents and business succession planning for business owners. It is crucial to regularly review these planning documents to ensure that each plan accounts for the future of the business as well as the business owners’ financial goals.
If you are a business owner and do not have an up to date estate plan or business succession plan, you should consider implementing or reviewing both planning strategies as soon as possible. Without proper planning, the business you worked endlessly to build could be sold far below fair value or purchased by an unwanted third-party, ultimately, risking your future financial stability. Please contact any of the attorneys in Pabian & Russell, LLC’s Estate Planning and/or Business Law & Commercial Real Estate practice group if you would like to discuss these issues in more detail.