Matthew Erskine is managing partner for Worcester law firm Erskine & Erskine. Reach him at (508) 753-7100.
July 19, 2019
Know How
Index card estate planning for business owners
By Matthew Erskine
I have never met a successful business owner who had too much time on his or her hands.
They are successful because they are busy both putting out today’s fires while keeping an eye open for risks and opportunities just around the corner.
Maintaining control of their business, sustaining the business in the medium and long term, and protecting family wealth are always of concern; but rarely is it perceived as urgent as the immediate crisis or opportunity that is before them.
Estate planners take the time to review, reflect and research any issue, current or future, which might have an impact on your business and your wealth now, and in the future.
The result is business owners are frustrated with both the time and cost of having an estate plan done.
If this resonates with you, then I’d suggest following the steps on my index card for business owners.
What is the importance of a strategic plan?
Why bring in family, management and advisors and tell them about the plan?
The answer is simple: When you have a strategic plan you communicate to all of the stakeholders involved and forge a consensus on security, satisfaction and growth, then the reasons for conflict fall away, the objectives are clear to everyone.
Everyone understands what their role is, and how they contribute to achieving your goals.
Without a strategic plan, lawyers have a back up way of handling disputes, and it's not pretty.
Execute these eight steps and protect your interests, or do nothing and leave your assets in the hands of a litigator.
Your decision.
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