Many Brandon, Mississippi area business owners tell the Palmer & Slay team that succession planning isn’t something they can afford to worry about right now. We have talked to lots of small business owners who are so busy building their businesses they don’t feel like they can take time out to think long-term. Others are worried about what will happen to their business after they are gone, so they push those fears aside instead of facing them straight on.
At Palmer & Slay, we know succession planning is an important part of the estate planning process, and we strive to assist our clients to tackle these interrelated issues.
Many Succession Scenes Are Not So Far-Fetched
Business owners that delay succession planning is such a common scenario it has been dramatized in HBO’s wildly popular show Succession. In it, the wealthy Roy family fights to determine who will take control of their global media and entertainment business as the health of the family patriarch declines. What draws you in isn’t the complex business and financial maneuvers that will determine the fate of the company, but the interpersonal conflicts that will shape the Roy family’s future.
While many of the Succession plot lines are outlandish, some hit a bit too close to home. Real families who have built businesses face the risk of financial ruin, see families torn apart by sibling rivalries, and endure public scrutiny of their choices.
Don’t Let Your Family Turn Into The Roys
Many of the challenges families face when they own a business could be avoided if the founder had adopted an estate plan that incorporates a succession plan for the business. At Palmer & Slay, we partner with our clients’ financial planners, accountants, and business managers to make sure their business plans and estate plans compliment one another.
We know how to put together estate plans that account for the fact that many families that own businesses have the majority of their assets tied up in their business. Finding a way to help the founder transition away from the business without being worried the business will fail, or feeling like they are giving up their reason for living, takes a delicate touch. Our experienced team of attorneys advises families on the legal parts of this transition while respecting the emotional aspects.
Preserving Your Wealth. Protecting Your Loved Ones.
Palmer & Slay’s experienced team of estate planning attorneys has helped a number of Brandon area business owners draft estate planning documents that protect their business as well as their family. We help our clients look to the future and focus on long-term goals so when it is time to retire, or a tragedy occurs, they can be confident they did everything to set their family and their business up for success. If you know your estate plan needs to include a succession plan, we are here for you. Please reach out to schedule a meeting.