1. Business Succession Planning Protocol
The challenge for many small family-owned businesses in succession planning lies in
choosing a successor and deciding how the business will be governed when you are not
there.
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2.  When people speak of “business planning,” usually they’re
talking about something completely distinct from “estate
planning.” The concern is getting the business off the ground
and to the point where it shows a profit, or, down the road a
ways, how and how quickly to expand it. But plans made for
any small business, and especially for a family-owned business,
must include succession planning along with all the rest. Your
business is an important asset, and planning for who should take
over running the business in the event of your death, inability to
keep doing the job, or simply retirement, is an important part of
NY estate planning, or of New York asset protection.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  Forbes ran an article on this subject a few months ago. It’s still
timely and relevant today, and illustrates the importance of
business succession planning to your estate planning
considerations. Any family business, together with any lines of
credit and other liquid and non-liquid assets connected with it,
is likely to be intertwined with your personal and family
finances. No matter how good a job you’re doing today at
running the business, the day when you won’t be able to any
longer (for whatever reason) is sure to arise and can’t always be
predicted.
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4.  The biggest problem with succession planning is choosing who
will replace you. In addition to that is the question of what
policies should be kept in place and which ones left open for
your successor to amend. And of course, there’s also the
underlying question of whether you want to have a successor at
all, as opposed to simply selling the business. But no matter
what you do or how you do it, careful planning is certainly
required.
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5.  Although this is very much an issue for your family and your
own estate planning, the importance of it, as with any business,
goes beyond yourself. In a way, you cease to be the sole owner
of your business as soon as you hire your first employee: at that
point, someone else’s livelihood depends on the business, too,
not just yours and your family’s. Small businesses added 55,000
new jobs in November of this year, as an article in the
Washington Post states. So keeping your business well
managed is not just a personal or family obligation, but one to
the community as well.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com