Category: Business Succession Planning

If you have ever seen the cult classic Tommy Boy you should know that having a succession plan in place does not guarantee that your succession plan will be successfully implemented.If you have never seen it, you should since it’s hilarious. It tells the story of Thomas R. “Tommy” Callahan III’s...

Several years ago, an estate planning attorney I had met at a conference called looking for some advice. One of his clients had recently passed away very unexpectedly, and he was scrambling to help his client’s widow take control of her late husband’s business. Things weren’t going well. The widow was, understandably,...

How can my business qualify for Well Fargo's Startup Accelerator?Wells Fargo & Co launched its Startup Accelerator in 2014 to support technology entrepreneurs. During this time the bank has received applications from more than 800 applications from startups in 40 countries - companies involved in a wide range of technological innovations from...

What are the essentials of a business succession plan?In launching a new business, entrepreneurs need to consider what the best business structure will be and how to arrange for funding, as well the how to bring their products to the market. What many startups fail to recognize is the need for

Your family-owned business is not just one of your most significant assets, it is also your legacy. Both must be protected by implementing a transition plan to arrange for transfer to your children or other loved ones upon your...

Business succession plans contemplate and instruct regarding any changes in future ownership and management of a business. Most business owners know they should think about succession planning, but few actually end up doing so. It is hard to think...

Should you incorporate your business in your home state? What about Delaware or Nevada, long known as havens for corporate entities? This decision should not be taken lightly because incorporating your business in a particular state will determine, to...

Utilizing Family Limited Partnerships as Part of Your Estate Plan Designed to preserve family businesses for future generations, Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) can help shelter your assets and reduce overall estate and gift taxes.   FLPs...

Avoid Family Feuds through Proper Estate Planning A family feud over an inheritance is not a game and there is no prize package at the end of the show. Rather, disputes over who gets your property after your death can drag on for...

How Much of Your Estate Will Be Left Out of Your Will? (It’s Probably More Than You Think) You’ve hired an attorney to draft your will, inventoried all of your assets, and have given copies of important documents to your loved ones. But...