Plan Ahead to Keep your Small Business in the Family

Plan Ahead to Keep your Small Business in the Family

Plan Ahead to Keep your Small Business in the Family

According to a recent study, only 20% of small businesses remain in the family after death of the owner. Many small businesses are sold off after the owner’s death, with assets divided and distributed to beneficiaries named in the business owner’s Will. With some planning ahead, you can ensure that the small business you created and worked so hard to succeed will remain in your family. Business owners should talk to their family members and intended successors and map out who should succeed to running the business. Start training those intended successors early on, so that when they do run the business, they have mastered your business techniques and know how to make your business continue to succeed. Consider setting up an insurance policy to help pay off any debts or taxes due. You may consider setting up a Trust that will own the business after you have passed away. You worked hard for your business- a little advanced planning will help ensure that business continues to thrive.

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