Why should you be thinking about your San Diego business succession plan as the year comes to a close? The National Law Review recently asked a great question: “Who is the better planner for your (business) affairs – You or the State? You Make the Plan, or a Plan Will be Made for You!” What a humorous (and correct) insight into the planning for the succession of a closely held family business. There are so many reasons why small and mid-size business owners put off succession planning. In the end, many unfortunately never simply get around to completing their business succession plan, and in the end the State of California makes all the decisions for them, and their heirs and would be beneficiaries.
Sure, California has a complete set of laws and rules which will be happy to charge your estate while they make the decisions regarding the future of your business. You know how that story will end.
Let’s take a more positive approach to your San Diego business succession plan. You’ve poured your life into building this business. Think of all the long hours, the moments of challenge and doubt, the money, sweat and pure determination you’ve invested. Allen Barron’s integrated legal, tax, estate planning and business advisory experts are prepared to help you protect your life’s work, and ensure your company survives any unexpected injury or illness. We will work with you to answer the questions of “how your company will continue in your absence,” and “who is best suited to take over the reins of your business when you purposefully or involuntarily surrender ownership and control?”
We will help you plan for various contingencies. Should an interim management team be brought in to protect the business until an heir or beneficiary is ready? Should the business be transferred to family, beneficiaries or the employees? Should the company be sold and the proceeds placed in trust for your spouse, children and future generations? Your San Diego business succession plan is easier with the help, guidance and informed expertise of the integrated business disciplines at Allen Barron. We invite you to contact us or call 866-631-3470 for a free consultation or to schedule an appointment to open a conversation.
You would never allow the business you’ve worked so hard to build to fall into the control of the State of California. Choose to make your plan. Choose Allen Barron.