There is a certain independence in all business owners. There are many reasons that motivated you to start your own business. You could have seen a better way to do things. Maybe you saw a hole in a certain market that needed to be filled. Or you wanted to be your own boss. Perhaps you always had an entrepreneurial spirit and you were destined to own your own business. Whatever the personal reasoning, you saw the opportunity to develop your independence from the majority of employees out there and took hold of your own destiny.
As much as we all fight it, we eventually realize our own mortality. While we hang on as long as we can to the idea that we are young and energetic enough to lead our businesses forever, there comes a time when we understand that we need to plan for a future where we are not running our businesses.
No two plans will be the same. You may have a similar plan for the lasting impact you want to leave as someone else, but there are always differences. Here are few of the common reasons we see business owners want to plan for the legacy they are going to leave through their business:
There are many businesses in throughout Michigan that would be considered family owned businesses. The owners of these businesses are often motivated to see the next generation of owners succeed because of the familial relation to them. At the same time the statistics are not good for family owned businesses surviving this transition. Planning and controlling this transition can drastically increase the chances of success.
Small and medium-size business owners often rely on exiting their business as a means of funding their retirement. Creating a business that will survive well beyond your ownership, will not only add stability to your retirement but will also help ensure that your employees are taken care of.
It is not uncommon for small business owners to want to leave a lasting impression on the community and people that helped support and grow their business for all these years. This can be manifested in the form of creating stability that your business will continue to employ members of the community for many years to come, donating funds to local organizations or non-profits or setting up charitable trusts.
Whatever the reasoning behind your desire to build a lasting legacy, there is a common theme that ties all reasons together: The impact that your legacy has is in direct relationship with strengthening your business. If you plan for you business to grow in a manner that relates to your legacy plan, you have a much better chance of seeing a successful legacy created.
There are common questions that often get raised when it comes to starting legacy planning. Here are a few:
The sooner you start the better. Nothing ever goes exactly how we plan it and plans can change. The more time you give yourself to build your dream, the more likely you will get results you are happy with
A great place to start is by identifying your motivations and the legacy you want to leave. Once there is a destination in mind, you can start to put in the next steps you need to be taking.
There is a difference between a legacy plan and a business plan. The biggest difference is you legacy often does not have you actively involved. Many business owners have had to come back to their businesses to rescue their legacies from near disaster.
If you have other questions don't hesitate to ask your specific legacy planning questions.
When you bought your business or when you first incorporated your business, that was an event. You had the attorney draft up documents and agreements that were reviewed, possibly negotiated, and then signed. The deal was done. Developing a legacy that will last they way you want it to is not an event. It takes much more.
You are a hard working business owner. You know the hours that you put in day in and day out. You know the sacrifices you have at to make along the way. You are well aware of the stress that you feel in trying to see your business succeed. At the same time, the hard work, the sacrifice and the stress
Concierge legal services are not transactional in nature. They were purposely developed to allow medium-sized and small businesses to develop an ongoing, close relationship with a trusted adviser. This specialized service is give you access to individuals with experience in the area of legacy planning. Our attorneys are not experts at running your business or how your industry operates. But we do know what works and what does not work when it comes to transitioning a business to the next generation, you are able to secure your retirement from your investment in your business and ensuring your charitable goals are met.
An engagement with your concierge attorney takes the pressure off you to try to plan and build your personal legacy. You can remain focused on your business because your concierge attorney will work with you and lead the charge on ensuring that you are moving toward your goals. We stay focused on the big picture and the work that is needed to achieve that vision. There are other benefits too. Check them out HERE.
Contact us today! We look forward to working with you!