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business succession planning Archives

8 steps to an excellent family business succession

Imagine you have an incredibly successful business. You don't want your children to lose out on the success of this business, which you know could serve your family for generations to come. As such, you've decided to create a business succession plan to leave the company to your kids.

Business succession plan: Did you choose the right successor?

Newport Beach families may dream of a son or daughter taking up the family business preserve their legacies into the future. Indeed, it's beautiful to think that something you created could last to provide income and stability for future generations of your family. However, to keep the family tradition, you will want to make the right choices when it comes to your business succession plan. Perhaps most importantly, you want to choose the right successor.

What should I know before creating a business succession plan?

Business owners who want to leave the family business to their children can create a business succession plan to achieve this. A business succession plan can be organized in many different ways. For example, it might not go into effect until after you die. Or, you might sell your business to your child or children, so you can enjoy your golden years without needing to be concerned about the health of your business.

When a physician with a private practice passes away

If you have a business that you built up yourself -- like a medical practice -- you must face the fact that the business was built on your name, and without you around, it may not have the same value. This can create a little bit of stress for any sole business owner who is trying to plan his or her estate in a way that is most beneficial to the loved one's who will be left behind.

Contact

The Soto Law Group
1101 Dove Street,
Suite 200
Newport Beach, CA 92660

Phone: 949-945-0415
Fax: 949-945-0197
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