You started your own business and you have put in a lot of blood, sweat and tears to make that business successful in order to provide a comfortable lifestyle for you and your family. You are one of America’s success stories, because you grew with the bubble, and you survived the “burst.” You are a smart business person – you picked a great location to operate, you negotiated favorable contracts and you had the foresight to prepare for potential down-turns in the economy!
But have you thought about what comes next? I would assume you have thought about who is going to run your business when you no longer can. However, if you are like most business owners, you haven’t put a succession plan into place yet because it typically is something that you worry about “Tomorrow, because tomorrow is another day.” Unfortunately, tomorrow is one of those days that eventually will cease to come for each of us.
We don’t want to see what you have worked your entire life to create simply crumble when you are no longer in the position to run the company. And it does not have to.
However, to avoid that negative outcome does require planning – succession planning to be exact. And as the word itself reads, “succession” starts with “success.”
With the proper plans in place you will be able to avoid some of the most common pitfalls and keep your business running beyond your own life. Your plan can enable you to provide cash flow to your spouse, ensure future employment for your children and provide fair treatment for all your employees. In short, succession planning can help keep your business together and running the way you would have chosen if you were still in charge.
Please call our offices to set up time to have your succession plan reviewed or created, and lets discuss how we can ensure your business will be cared for even if you are not the one doing the caring.
Contributed by MH New Mexico Estate Planning Attorney James P. Plitz. James serves our offices in Albuqerque, Las Cruces and Santa Fe.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.