The above heading for today’s blog post states what any proven estate administration and tax attorney knows to be true in the most fundamental sense, namely this: Optimal business succession outcomes are rewarded by principals who proceed proactively and in a manner best linked with their core objectives.
If space limitations did not apply to today’s post title, we might reasonably have added the words “sound and timely” before the “planning” reference.
And perhaps set off the latter adjective with italics and in bold, given the critical importance for any business owner to avoid tardiness in succession planning, especially when family members are involved.
Because failure to timely act invariably yields adverse consequences.
We duly note some of those on the business succession planning page of our website at the Law Offices of Connie Yi, PC (with multiple offices across the Bay Area).
Here’s one: An owner’s incapacity (e.g., serious illness or death) that leads to inaction in the planning realm “can leave other business owners, employees and family members in disarray.”
And here’s another: When smart and timely succession strategies are not in place, “significant conflict can ensue between family members who do not agree on the continuation or disposition of [a] business.”
Such unwanted consequences can be addressed and effectively dealt with by any business owner who appropriately employs the counsel of an experienced estate planning attorney who routinely focuses upon business succession and related matters for clients.
We’ll have a bit more to say about proper planning in our upcoming blog post.