As a business owner, you may already have certain measures in place such as the protection of your intellectual property, agreements in place for contractors, employees, and/or shareholders, and a business bank account, among other things. But did you know that you can also put a legacy plan in place for your business?
As a business owner, you should consider putting a legacy plan in place to ensure that your business will either continue to run with your successor/partner, is sold according to your wishes, or passed down to your children in the event of your death or incapacity. Similarly to planning individually or as a couple, you can explicitly outline what you would want to happen with your business and any of it's assets.
Building your legacy and creating an empire requires thinking about the long-term. Consider what your goals are for your business and what you would like to achieve five years from now, ten years from now, and twenty years from now. Do you want to pass it along to your children? Would you like to create a franchise? Do you plan to one day make it an IPO? At The Ambitious Legacy Firm, P.C., we help business owners plan their legacy so they can focus on continuing to build the company they envision.