Although estate planning and business succession planning are certainly connected, it is important to understand the differences between the two. The care you take in implementing each plan will have a significant impact on the ongoing success of your business and financial goals.
Estate planning refers to the process of preparing for the efficient transfer of your assets at death, or the management of your assets during a period of incapacity. Proper estate planning will ensure that your assets are managed and ultimately transferred in accordance with your wishes.
Succession planning is specific to the continuity of your business. Succession planning is a strategic tool to smoothly transition operation, management and ownership to partners, future generations or successor owners.
In a nutshell, a succession plan only deals with the continuity of your business. An estate plan refers to the process of preparing for the efficient transfer of ALL your assets (including your business) at death, or the management of your assets during a period of incapacity.
If you need assistance in putting together a business succession plan and/or an estate plan, please schedule a no-cost consultation. Find a time below that works best for you.