3 Steps in Transition and Estate Planning for Your Small Business Have you taken the time to stop and think about the next phase of your business? Or what will happen when you are ready to transition beyond your current business? Unfortunately, if you are like most small business owners, you probably have not. But, small businesses are unpredictable, and it is important that you make plans for your future, and the future of your business. Three steps to make a business plan to protect your business through any transition phase are: Step 1: Get an idea of where you want your business to go in the future. If you want your business to come to a close when you leave the company, establish an estate plan that clearly sets forth your exit plan. If, however, you want the next generation to take over your business, then you need to make long-term goals for the business, and establish what direction you want it to head. Step 2: Identify which parties you want involved in the future of your business, and determine their needs and goals. Although you might know where you want the business to go, the next one in charge may have a different vision. Identifying differences between current and future goals will help pinpoint areas that need special attention. Step 3: Find a consultant who can help implement the plan. The easiest way is to have one consultant managing or coordinating the business, emotional, and legal aspects of your business plan. Once you’ve made your plan, be sure to review it often, and be willing to adapt the plan to any changes that may arise. Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL. To learn more about these free resources, please visit www.kulaslaw.com/ today.
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