Posted in Blog, Business Law, Estate Planning, John Polgrean
Many New Hampshire business owners commonly have not reviewed their estate planning documents with an attorney in many years nor have they developed a formal business succession plan.
To avoid huge mistakes, business owners should take the time to ask the following pertinent questions:
- Do I have a will and/or trust and are they up to date?
- Do I have a plan to retain key employees if something happens to me?
- Have I had my Trust & Estate Plan reviewed in the last five to ten years?
- Do I have a formal business succession plan prepared?
- Has my business been valued by a certified appraiser or business intermediary (i.e. broker)?
- Have I involved key employees and/or family members in my succession planning?
- Have I identified and written down who I want to run the company?
- Do my family and employees know who is going to run the company?
- Do I have disability, buy-sell or overhead expense coverage?
- Do I have a team of trusted advisors in place?
Should you know a business owner who needs assistance with answering these questions and developing a comprehensive plan to implement a buy-sell agreement, estate planning and business succession planning, please have them contact the business attorneys at Welts, White and Fontaine, P.C., and ask for Attorney John S. Polgrean (603) 883-0797 or [email protected]
Author: John Polgrean
This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.