Succession Planning and Retirement for Your Business Entity by Tony B. Manns

Many small business owners are great at building and growing a business. As we age, it becomes increasingly important to prepare for retirement and the transition of the business to other partners or family members. Small businesses must be prepared for retirements or the sudden death or illness of leadership. One reason to have a plan in place is for the benefit of your customers or clients. Another reason is to protect your business and any employees from sudden undue hardship caused by your departure. Having a transition plan in place helps ensure that customers and clients are comfortable with the new leadership once you retire. Long-term planning can provide security for the entire business and allow retirements to occur in a planned and beneficial manner to the retiree and the business. As a business owner or partner, these considerations should be a part of your estate planning preparation.

You should consult your attorney to ensure that your estate plan and business succession plan is up-to-date and accurate for your specific needs and tailored to your requests.