BUILD A COMPANY THAT LASTS
As your business evolves, at some point you’re starting to think about how do you make this company last. What happens if something happens to one or more of the owners or a key management team member? How would the business continue to move forward? How do you make sure that value is protected? This is more than just estate planning. It’s great to transition the ownership of the company to loved ones, spouses, or children, or other loved individuals, but that doesn’t mean the company is going to continue.
Many times, when I talk to business owners about what would happen if something happened to them or their close management team, they figure out it could be a severe disruption to their business. In some cases, they fear the business could go out of business, key employees could leave, or other problems could crop up. I work with management teams to place in structures and processes to make sure that regardless of what happens to anybody on the team, the company has a chance to transition and to do something different and to protect that value. I make sure that something is built into the agreements to ensure continuity and to help give peace of mind to customers, suppliers, and employees.