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 firstname.lastname@example.org
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.