Two types of planning that business owners often overlook are estate planning and succession planning. While the two are often lumped together—and in some cases overlap—they are separate processes with their own goals.
Here, we’ll look at how estate and succession planning differ.
When high-level personnel and executives leave your company, it leaves a gap that needs to be filled. To make sure your organization fills those gaps without disrupting your processes, you’ll need a succession plan.
A succession plan is a strategy for making sure key positions are filled when skilled, experienced, or otherwise crucial people leave your organization or otherwise leave positions vacant. It identifies ways to prepare people to fill the gaps left behind.
Asset protection for business owners can be complex, especially when business activities may put personal property at risk. Fortunately, there are many strategies business owners can use to protect personal and business property.
One of the most effective asset protection strategies is the limited liability company. LLCs separate the owners’ personal assets from those owned by the business, so if the company comes under fire, the owners’ personal belongings are kept safe from seizure.
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