Successfully owning and operating a small business is part of the American dream for many people. As a Texas business owner, you know the challenges that can come from being your own boss and navigating the complications of entrepreneurship, but that should not stop you from thinking ahead to your future.
It is easy to have your complete focus on the present to the point that you forget to think about what will happen in the future, but succession planning is important. Regardless of the type or the size of your small business, you will find peace of mind in knowing that you have planned for contingencies and protected the interests of your loved ones.
Important questions to answer
Simply telling your spouse or a loved one how you want to leave your business is not enough. Whether it is after your unexpected passing or retirement, something is going to happen to your business. You have the right to decide exactly what happens to it, and you can do this with a proper succession plan.
There is no one-size-fits-all approach to succession planning. If you want to develop a plan that specifically suits the unique nature of your small business, you must ask and answer the following questions:
- Do I want to pass my business to my children?
- Do I have a strong retirement plan in place?
- At what age do I want to retire?
- Will I sell or merge my business in the future?
- What should happen to the business in the event of my unexpected death?
- Will I choose and train a successor?
- Do I have the necessary insurance?
The answers to these questions will provide guidance for you as you move ahead to whatever is next in your life. Planning well can eliminate stress and perhaps even allow your successors or beneficiaries to avoid legal complications in the future.
Protecting your future interests
As an entrepreneur, you have to plan a few steps ahead in order to keep your business moving forward and operations going smoothly. Part of your effort to protect your business and financial interests is to have a strong, thoughtful and up-to-date succession plan in place.
You have the right to maintain control over what happens to your small business in the future, whether that is after your retirement or an unexpected situation. You should not leave it up to chance. You will find great benefit in seeking a case evaluation with an experienced and knowledgeable business law attorney in order to learn about your options.