These tips will help you pass on your business

Passing a business on to your children is not the same as listing out other assets in your will. You need a viable business succession plan. You need to consider the future of the company and the employees, not just your own future or your heirs' futures. It's critical that you do all of this properly if you want to see your children take over the family business.

To help you, here are a few key tips:

  1. Start early. Don't put this off. Some say that it's best to start about a decade before you want to pass the company on, though five years will work.
  2. Get the children involved. Work with them and show them the ropes. By the time they take over, they should have years or even decades of experience.
  3. Have conversations with your heirs. Ask them what they want and what they expect. Do they even want to run the company? How many heirs expect to be involved?
  4. Be realistic about their skills. Don't give too much responsibility to someone who isn't ready for it just because they're in your family. Do not set them up for failure by giving them jobs they can't handle.
  5. Remember that equality, while it sounds nice, may not be best for the company. Are you really best off to leave the company in one capable person's hands or to split the ownership up between four different heirs who are less capable?

The specifics of your estate plan and your business succession plan depend on your situation, but these tips can help you get started as you look into your legal options.

No Comments

Leave a comment
Comment Information

Award Winning Atlanta Attorneys

peer rated preeminent peer rated martindale hubbell super lawyers georgia trend legal elite bar register 1916-2016

Put The Future Of Your Business In Our Capable Hands

Whether you need help forming your business, protecting intellectual property, resolving a business dispute, understanding your debt relief options or something in between, we are here to help. Contact us online or call our Atlanta office to schedule a consultation today: 678-701-9235.

Contact us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Jones & Walden, LLC
21 Eighth St NE
Atlanta, GA 30309

Phone: 678-701-9235
Fax: 404-564-9301
Atlanta Law Office Map