Michigan Business Succession Planning: Protecting Your Legacy and Assets
Succession planning is important for businesses of any size in the Detroit, Michigan, area. Even if you plan on running your Michigan company for years to come, it is important to have a business succession plan in place. Having such a plan can make it easier for the business to survive if you are ever forced to step down suddenly because of an injury, illness or another unexpected life event. Without a plan for how to pass power on or who will take over in the event of an emergency, any company’s future is at risk. A succession plan may also be helpful from an estate planning perspective.
Contact us today at 888-757-1681 to schedule a free consultation with our Detroit lawyers and learn how we can help you with your business succession plan.
What Would Happen If You Couldn’t Run The Business Anymore?
A succession plan ensures that a trusted individual would be able to run the company in your place at a moment’s notice. In fact, it could call for an automatic transfer of power in the event that you are incapacitated, die in an accident or are otherwise unfit to serve as the firm’s top executive. This can help to keep customer, employee and investor confidence steady in the face of an unexpected change in leadership.
Benefits Of Succession Planning For All Michigan Businesses
- Long-Term Planning: It’s important to have an exit strategy in any industry. If you own a business, you have a valuable asset that may be sold to help fund your retirement someday. If you’re planning to pass a company on to a younger relative, that will still require sounding them out to ensure they want it. Preparing them to take over can also be a lot of work.
- Short-Term Planning: What’s more, business succession planning is important for even the smallest businesses if the owner is injured or otherwise indisposed. It doesn’t just impact high net worth people. For example, a dog-walker who breaks their leg could find themselves out of business if they don’t have a friend or family member to take over for them in the short-term.
Business succession planning in Detroit is something that an attorney should be consulted about. At Brown Borkowski & Morrow, we have extensive experience in business law and can help you create a custom succession plan that works for you and your company. We can help you devise a plan to streamline the transition when the time comes and protect your own interests effectively.
How does succession planning make estate planning easier?
Succession planning gives you a clearer idea of who will inherit the company at some point in the future. It also gives you a clearer idea of when the transfer of power will take place and how it will be executed. Therefore, you can develop a strategy that allows the business to be transferred to another party in a timely and efficient manner.
For instance, if you know that the business is going to be sold to a key employee in 10 years, you could transfer ownership gradually over time in an effort to minimize the tax liability. If you are intending to gift the company to your kids, it might be best to put it in a trust to shield it from creditor claims or a divorce settlement. Our business law attorneys can provide more insight into how succession planning can make estate planning easier.
Let Us Help You Secure Your Business’s Future With Succession Planning
Secure the future of your business with our experienced Michigan succession planning attorneys. Our team of lawyers will work with you to create a customized plan that ensures your business continuity and protects your legacy. Don’t leave the future of your business to chance. Contact us today at 888-757-1681 to schedule a consultation and learn how we can help you plan for the future of your business.