Hayes & Wilson, PLLC
Houston Texas
Go To
  1. Driven by a compassionate, team approach.

832-409-0089 Houston Texas

Owning a business: Couple it with thoughtful succession planning

Owning a business that grew successful after years of hard work and astute decision making is certainly a laudable achievement.

So, too, is effecting business succession planning that optimally carries out your wishes and sets up the entity you have worked so hard in creating for long-term success in following generations.

Asset management and asset protection are just as important -- if not more so -- in the realm of a family business than they are concerning other aspects of an estate administration plan. Following are a few considerations to heed where succession planning regarding a business is concerned.

First, it is flatly easy to underestimate the number of things that need to be considered when passing along a business, as well as the time required to implement important changes and processes.

An initial consideration of overwhelming importance is the necessity to find a truly qualified and experienced adviser to work with, namely, one that knows business and has demonstrated command over succession issues, effective taxation strategies, valuation methodologies and criteria, rules regarding the transfer of business ownership, and related matters.

A proven professional will ensure that business succession is a matter that is thoroughly and thoughtfully contemplated. That means due consideration of all important aspects, without decisions being made in a disordered and rushed matter. The adage "good planning is good business" is absolutely true and readily highlights this converse business fact: Bad planning -- that is, decision making that is based on incomplete information, a lack of understanding concerning planning tools, wealth preservation and smart succession strategies -- all but ensures that the future will not be something a business owner desires.

For virtually any business owner who is thinking about succession planning, the time to start taking proactive action to implement a sound plan is now. An experienced estate planning and business succession attorney can outline the terrain and identify important considerations and strategies that make the best personal sense for ensuring business continuation and financial stability.

Source: WealthManagement.com, "The myths and realities of succession planning for small businesses," David Scott, May 6, 2013

  • Greater Height | Area Chamber Of Commerce
  • Cy - Fair Houston Chanmber Of Commerce