How will my business operate if I am unable?

Basically, many small business owners we encounter are basically the only owner of their particular business. What we really want to impress upon those particular business owners are, if you're the only one that has the ability to sign checks, do payroll, administrate your operations, et cetera and so on, it becomes critical that you set up an operating procedure whereby people within your organization or maybe Read More

When should a business owner implement a succession plan?

Basically any and all businesses that are profitable, that have an ongoing concern, that are properly doing things on a regular basis to make profit year in, year out, really need to sit down and think about a succession plan and an exit strategy as to what they're going to do with their own particular small business. Whether you are an individual owner or whether you are a partner in a larger operation, it is Read More

What is the difference between a succession plan and an estate plan?

The difference between an estate plan and a business succession plan are is that the estate plan really looks at the individual in a wholistic way. It covers everything that the individual may own from beginning to end. The concept behind a business succession plan really is designed to implement a strategy for a small business owner, whereby they're taking a look at how they're exit strategy is going to be Read More

What if my business is owned by multiple business owners?

If you happen to be an individual that owns a piece of a small business, whether you own as little as 5% or as much as 95%, it is critical that you have a proper operating agreement, or some type of partnership agreement, or some type of business agreement in place that addresses you and the rest of your partners. Because on our end, as we do the estate planning and the business succession planning for our particular Read More

Should I consider a board of advisers for my business?

Absolutely, yes. We recommend that any and all small business owners out there try and really approach some other colleagues and people that they know in the community to set up a board of advisers, to set up some other people that are familiar with your business, that can provide proper consultation, advice and counsel, in the event that you become incapacitated, or ultimately pass on. You want that group of Read More