Forbes’ recent article entitled “The Importance of Estate Planning When Building Your Business” says that every business that’s expected to survive must have a clear answer to this question. The plan needs to be shared with the current owners and management as well as...
For many business owners, between 70% and 80% of their wealth is tied up in their business. Research also shows that just 20% to 30% of businesses that go to market actually sell. That leaves 80% of business owners with limited options to monetize the value of their...
Without an estate plan can, business owners and entrepreneurs put themselves in serious jeopardy. Proper planning will address difficulties businesses can have in keeping the business running if the founder is unable to continue in the business for any reason, and...
Every business should have a buy-sell agreement to protect the owners, their families, employees and the company. Without a buy-sell agreement or succession plan, any company is at risk, notes a recent article titled “Why does your business need a buy-sell agreement?”...
With today’s technology and without the creation of a proper trust, probated wills have become public records and may even be accessed online. Some examples are: Paul Revere left all his household furniture to an unmarried daughter. Daniel Webster willed his grandson...
If there was ever a Catch-22 situation for business owners, it’s this: most don’t take legal steps needed to protect their wealth until it’s threatened by a creditor or lawsuit – and by then, it’s too late to implement effective asset protection...