When one entrepreneur in Massachusetts decides to go into business with another entrepreneur and create a business partnership, the pair must think carefully about how they want to structure and run their business. In addition, their partnership agreement should clearly outline some potential exit strategies.
When preparing a business succession plan, you should keep in mind the various ways that passing your Massachusetts business from one set of owners to another may go wrong. For instance, you could plan to hand off your company to another set of owners, but may want to incorporate a way for your family members in the future to buy out the leadership regime if they wish. However, this may not be easy as you think.
Leaving your lifeblood in the hands of someone else is rarely easy, but the more time and energy you spend on your Massachusetts business succession plan, the smoother you can expect the process to go. At Kajko, Wiseman & Colasanti, LLP, we have a firm understanding of the elements commonly found in a strong business succession plan, and we have helped many clients facing similar circumstances find solutions that meet their unique needs.
A part of business succession planning is to think about who should take over your Massachusetts business in the event you pass away or are no longer able to run the company. It seems natural to consider your son or daughter to become your successor. For some business owners, however, the decision is not so clear cut. There are several questions to consider before you name your child as your business successor.
As the owner of a Massachusetts family business, you may find that your work offers many benefits. You may, too, have plans to leave your business in the hands of a trusted family member or close confidante once you are no longer able to run it yourself, but you may be unsure about what, exactly, the process of doing so entails. At Kajko, Weisman & Colasanti, LLP, we have a firm understanding of the important steps today's family business owners must take in order to craft an effective family business succession plan, and we have helped many clients navigate the process involved in doing so.
Business owners could transfer ownership of sole proprietorships in Massachusetts via a sale of the business assets. This type of sale, like almost any other, would require some planning to minimize tax burden. After some analysis, planners might discover that a conversion, such as incorporation, is advantageous from a financial perspective.
Although it may be difficult for Massachusetts business owners to plan ahead for business succession, experts say it is a good idea. Proprietors may find themselves resistant to the idea, believing that because retirement is several decades away, they can put off the inevitable.
If you are a Massachusetts small business owner and you want see your business outlive you, there are certain steps you can take to streamline the business succession process and ensure that your desires come to fruition. Though business succession planning can prove relatively complex, you may find that protecting your life's work is well worth the time and effort. At Kajko, Weisman & Colasanti, LLP, we recognize how important crafting solid business succession plans can be, and we have helped many clients facing similar circumstances pursue solutions that fit their needs.
Getting a business started is hard enough. There's so much to think about, plan for and predict that Massachusetts executives wear themselves out in the early days of entrepreneurship. If this sounds like you, and you have finally gotten your business up and running, all you want to think about is enjoying the transition into successful ownership.