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Why Florida business owners should have succession plans

| Dec 23, 2020 | Business Succession, Estate Planning

Running a Florida business is no small task to be sure. Whether a business owner has recently opened doors for the first time or has been in business for decades, it is never too soon to think ahead and to plan for the future. Part of that includes planning for the time when the business owner has passed on from this life. Whether he or she took time to create a business succession plan may have a significant impact on his or her estate.

While many succession plans have similar components, there are many options to choose from when devising a plan. A business owner may customize a plan to meet his or her immediate needs and long-term estate planning goals. Whether a business will pass to a family member or someone else, it is always a good idea to carefully consider who might be the best fit.

A Florida estate planning attorney can provide legal advice in all aspects of a business succession plan. The attorney can clarify state laws and also explain complex terms, such as cross-purchase agreements or entity-purchase agreements. The lawyer can remain on hand to update a plan as needed or to help resolve any legal problem that arises down the line.