As a bonus to the “5 Most Expensive Legal Mistakes That Entrepreneurs Make” series, another big mistake that entrepreneurs make is not a having a will or a succession plan in place.
If you are just starting out, it may be difficult to imagine a time when you will want to sell your business. It may be even harder to consider what will happen to your business if you are incapacitated or die. But the truth is, any of these things can happen at any time. How will your family pay the bills without you there running the show? Who will manage your company after you are gone? These questions should be answered and documented in a comprehensive Estate and/or Succession Plan.
Do not attempt to draft these documents yourself! DIY templates are cookie cutter and only cover the bare minimum, which means they won’t address most of the issues that really matter to you. Instead, find a Trusts & Estates attorney licensed in your state who has expertise working with small business owners. If you live in PA, we can prepare your Will or Trust. Book a Legacy Building Planning Session to learn more by visiting http://www.reidcouncillaw.com or give us a call at (215) 258-4620.