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Estate planning is critical for small businesses

The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While estate planning is vital for the protection of one’s family, it can also be vital to the protection of one’s business.

As a family has members, a business has employees. The value of having an estate plan to protect one’s business and employees is much like the value of having an estate plan to protect one’s family. If something should happen to the owner of a business, a business succession plan is critical to the continued well-being of the company.

In the event of the death or incapacity of the business owner, it is imperative that a contingency plan for control of the business is in place. If the business has multiple owners, an agreement is necessary that would cover buyout scenarios to protect the owners’ interests. If the business is to be sold, instructions on maintaining the business through that process should be spelled out.

A person starts a business in Michigan in the interest of providing a profitable future for oneself, one’s employees and one’s family. Failure to have an estate plan in place can cost valuable time and resources while the fate of the business is tied up in probate. Seeking the advice and guidance of an experienced estate planning attorney and establishing a business estate plan can provide peace of mind for oneself, one’s family and one’s employees.