Texas business owners have numerous stakeholders that include their employees and investors. When people depend on you for their job and livelihood, you owe it to them to put succession planning in place. Otherwise, your stakeholders could be left scrambling if something suddenly happens to you.
Do not be afraid of talking about succession
It is natural for people not to want to think about the possibility of their own demise. When you own a business, it is an absolute must. You can make arrangements now to ensure that your business keeps going without you if that is what you want. There have been too many times when employees with good jobs have had to suddenly start looking again because their business suddenly shuttered after the sudden death of the owner. Without these plans, everyone will be left to pick up the pieces, not necessarily knowing what you would have wanted. Your heirs could decide to sell the business because they want their money and do not want to run it.
Start taking steps now
A good succession plan identifies people and measures right now who are ready to step in and take your place in the future. It could provide who would take over the business and how it would be run. It would provide certainty for your heirs. Most of all, it would keep people from having to engage in a messy fight in court. If that happens, everything that you worked for would not survive you.
An estate planning and probate attorney could help with business succession planning. Their experience may help you navigate many of the potential issues that your heirs may face and allow for your company to seamlessly transition to new leadership if you were no longer around to run. The attorney knows the pitfalls that could await in probate and court, and they may work to help you avoid them. An estate planning attorney with experience in business law could be particularly helpful for you.
