If you’re looking to start a business, you may be wondering whether or not business planning attorneys and succession planning is absolutely necessary. After all, it does cost time and money, and if you’re just starting out you may not be thinking 10 to 20 years down the road yet. In addition, lots of people think they can cut costs by doing this type of work on their own, but when you’ve worked as hard as you have to start a business, are you really prepared to take a chance on important documents that can protect you and your business in the future?
If you ask for business advice when you’re starting out, you’ll likely hear you should hire both an accountant and a lawyer immediately, but is that always the case? Well, good and trusted business planning attorneys can help you with virtually every legal aspect of your business. This can encompass something small such as copyright advice, or include something much bigger like liability or lawsuits. Especially when you’re starting out, having an attorney involved in the strategic planning and structuring of your business can be invaluable, as they offer guidance and knowledge. Aside from business planning, setting up a solid succession plan can ensure you’ve covered your bases if you decide to retire if you can no longer run your business yourself, or help aid when tragedy strikes.
The Advantages of a Solid Business Plan
Depending on what industry your business is in, you may have different hurdles to overcome that a business planning attorney would be especially helpful with, like legal or regulatory rules that vary by country. Depending on the type of business you own, you may not be able to get started and enter a foreign market, for example, until they overcome foreign investment requirements or technology laws. Having an experienced business planning attorney by your side can give you peace of mind that you’ve done everything in your power to set your business up for future success. Having this plan in place also helps with everyday issues, for example, if you have issues with employees or need help handling contracts.
The Value of Having an Attorney to Assist you Through the Process
One reason that people tend to put off business planning is that it can be confusing and complex, making it difficult to take on all by yourself. When you work with a business planning attorney, you have someone to guide you through processes, taking the guesswork out of the equation.
5 Benefits of Hiring a Business Planning Attorney
- Help structure your business
- Help you choose the right successor
- Help you manage debt
- Assist in minimizing your taxes
- Allow your business to continue in your absence.
Why a Succession Plan is Crucial
If your business is successful then chances are it will outlive you. In order for the business to further succeed when you’re no longer there to watch after it, you’ll need documents in place designating who will take over in your absence. However, death isn’t the only reason for succession planning. During your lifetime you may choose to walk away from the business, retire, or even have a dispute with business partners. In the absence of a business succession plan, there is no clear cut plan in place to deal with those types of issues.
Careful business planning can be the difference between the longevity or the demise of your business. Therefore, the biggest mistake you can make as a business owner is to not prioritize your business planning and succession planning. If you have questions about your business plan or succession plan, be sure to schedule a consultation today.