It is impossible to know what life is going to throw at you. You can be sailing along just fine, running your business and living large, and then the next minute, your world can be turned upside down with a devastating medical diagnosis. If you were recently diagnosed with a disorder that is going to affect your mental capacity now or in the near future, the next steps you take as a business owner could make or break your company. You see, mental capacity can affect business succession planning.
If you wait too long, any succession planning you do may be deemed legally invalid. For any legal document to hold up, you have to be of sound mind when you create it. So, if you do not have a succession plan in place or you want to make changes to one that you already have, don’t wait, get it done.
There are a lot of benefits to having a succession plan in place. It can allow your company to keep going and growing when you are no longer able to remain in control. If you want a say in who will be put in charge, a succession plan is what you need. If you want to ensure you are paid a good price for your shares, a succession plan can help you accomplish that. If you want to ensure a smooth transition as you make way for new leadership, a succession plan can lay out the details for how you expect it to work — among other things.
A business succession plan is not something business owners in Massachusetts can just throw together on a whim. It takes time and careful consideration to ensure it meets your needs and serves the best interests of your company and employees. To learn how an experienced attorney can assist you with your succession plan, particularly before mental capacity issues come into play, please take a moment and visit our firm’s website.