If you own a small business in Southern Maryland, your estate plan must account for more than personal assets. Without a succession plan, your life’s work could be disrupted, devalued, or lost entirely.
Key Elements of a Business Succession Plan
Identify your successor — family member, partner, key employee, or outside buyer. Create a buy-sell agreement with terms and pricing. Consider life insurance to fund a buyout. Ensure your business entity documents address death or disability. Coordinate with your personal trust and will. A durable power of attorney or funded trust ensures someone you trust manages operations if you become incapacitated.
SoMD Estate Planning works with small business owners throughout Southern Maryland. Contact us for a free consultation.