We know it’s essential to have an estate plan that designates what happens to our assets when we die. How does your business fit into this plan? In many cases, the company is ignored. It passes through the estate to the heirs – but your business needs management until it can be sold or wound... View Article
When starting a business, few business owners consider the details and consequences of closing the business. But even closing a business, if not done the right way, can get a business owner in hot water. Recently, a popular and all-inclusive wedding venue in Everett, WA suddenly closed. Engaged couples with impending nuptials are without a... View Article
For most business owners, selling a business happens once in your lifetime. You have worked hard to build the business from the ground up, and it’s been a central part of your life for years – perhaps even part of your identity. Before you sell, you need to prepare both the business and yourself. These... View Article
Succession planning has been a hot topic in business planning conversations for years but the focus is often on longer term retirement planning answering questions like “Who will be the next CEO?” and “How will ownership transfer?” Most businesses, though, do not spend a lot of time planning for the “emergency” succession. “What is ‘emergency’... View Article
We often have clients who are in business with others – commonly called “partnerships” even though they are more likely “members” or “shareholders” than partners — where all the partners are working in the business. The elephant in the room for many of these partnerships is whether the relationship will work and what happens if... View Article
Over the years, I’ve seen many families find joy and success in working together in a family business – and of course, some that have struggled to maintain balance between these two intertwined parts of their lives. So what’s the secret to success? First and foremost, I would say a recognition of the fact that... View Article
Yeah, we’ve all heard it – you must work “on” your business not “in” it. I’m a big believer; yet I found it, as many business owners do, really tough to execute upon. The reason why? Because it’s easy to find the things that need to be done in day-to-day operations. We know how to... View Article
It may seem overly simplistic to say that a few succession planning steps can secure your business’ future, but really, they can — especially if you think about your business’ future as its success beyond your presence in the company. Needless to say, your departure from the company is inevitable – whether voluntary (as in... View Article
Blog written by Michelle Bomberger, Equinox Business Law Group The terms “succession planning” and “exit planning” are often used interchangeably among business owners and their advisors because in closely held businesses they are innately connected — owners are often also the leaders and executives. However, they should be addressed by the business as separate plans... View Article