People work long and hard to get their businesses up and running. Especially, small or family owned businesses with limited resources. There are endless challenges that businesses face during every stage of their development. Fortunately, most successful business owners have figured out how to keep their companies competitive in an ever-changing economic environment. However, many small business owners fail to properly prepare their companies for unexpected events such as the death, incapacity or retirement of a key business partner or family member. The sudden loss of an essential person can leave a small business in chaos. Business owners need a comprehensive business succession plan to ensure a smooth transition if a key partner is lost for whatever reason.
Business Succession Planning
Business succession planning can be very complicated even for small or family businesses. Small businesses typically rely upon the expertise of one or more owners or partners to operate effectively. But what happens when one of these key business members is abruptly gone? Usually, without a succession plan, there are a lot of unanswered questions. Who takes their place? How much is his or her share of the business worth? How do we finance a buyout? In the event of incapacity, did the former partner execute a valid California power of attorney so that someone has the authority to conduct business on his behalf? You can find the answers to these questions, and many more by talking to an experienced Lakeport lawyer who specializes in estate planning and business succession.
Law Office of Dennis A Fordham
Dennis Fordham is an experienced California estate planning attorney. When you are looking for a California business and estate planning lawyer, experience counts.