What happens to my business when I die?

Small business owner

As a small business owner, you undoubtedly have a lot on your plate. There’s the day-to-day operations of running your business, managing your staff, budgeting, inventory, and much more. With your busy schedule it can be easy to forget about succession planning, but it’s an important question all business owners must ask themselves: What happens to my business when I die?

We often hear about the importance of planning for your personal estate, but small business owners must also have a plan in place for their businesses. Having a clear succession plan in place helps avoid confusion, litigation, and disputes when you are no longer here. Lawyers who specialize in small business law can help you create and secure a succession plan that ensures your business is run exactly the way you desire. 

How to find the right small business lawyer for you:

  • Ensure your lawyer specializes in succession planning. There are many types of small business lawyers: bankruptcy, compliance, trademark, copyright, litigation, and more. You want an attorney that specializes in helping people plan for what happens to their business after they pass away. It’s especially important if you own a large business with multiple locations and many employees.
  • Make a list of your company’s needs. Your industry, the size of your business, the number of staff, and the number of locations will all be factors in your succession plan, so we recommend working with a firm that has experience with companies that are similar to yours. It may be worth asking fellow owners in your industry if they have any recommendations. 
  • Come to the initial meeting with all your questions ready. The lawyer you meet with should be able to provide answers that are more than satisfactory. If the firm is experienced then they’ll be able to tell you exactly how they’ll help you, and what your options are. 

Make a plan with a New Jersey business lawyer 

We know it can be unpleasant to think about end-of-life issues, but you’ve worked so hard to get where you are and the legacy of your business should be treated like the valuable asset that it is. Whether you own a small, family-run business or a larger, franchised company, it’s crucial to make decisions about succession planning. 

For more information about succession planning, or if you have any estate planning questions, please contact our team at SCC Legal today. As both an elder law firm and small business firm, we are uniquely positioned to help you navigate the succession planning process. Discover why so many small business owners in New Jersey choose us as their trusted counsel. 

When Do You Need A Business Lawyer For Your Small Business?

business lawyer

Small business owners have so many things to think about on a daily basis, and one common question they ask themselves is: Do I need a small business lawyer?

Many small business owners believe it’s too expensive to hire an attorney, however working with a business lawyer sooner rather than later can help you prevent expensive incidents down the line. Prevention is often cheaper than the cost of remedying mistakes and missteps, and hiring an attorney helps you ensure your bases are covered. 

Here are a few situations for which we recommend consulting with a business lawyer:

  • Your company is being sued by a prospective, a current, or a former employee. While many businesses will deal with lawsuits, they can quickly get messy. You need a professional to keep the situation under control and to act on behalf of your company. Whether it’s a discrimination suit, a hostile work environment suit, or something else, a business lawyer can help.
  • Your business is being investigated at a local or state level for violation of any laws. Certain inspections and investigations are routine, but when someone files a complaint and your local or state government takes action, you need an attorney to guide you through the process.
  • For a sale, a merger, or an acquisition. These are complicated financial transactions that must be done correctly, so whether you’re acquiring another business and its assets, or you’ve decided to sell your business, you’ll need a lawyer.
  • Your business is involved in an environmental issue. The government is increasing regulations around the way small businesses impact the environment. Which means you may be subjected to penalties if you aren’t in compliance, even if you weren’t previously aware of the latest regulations. 

How small business lawyers can help 

In addition to the above issues, small business lawyers can also help you with issues related to copyrights, trademarks, compliance, and more. We recommend finding a trusted business attorney before you actually need one because being prepared is always in your best interest. Unfortunately litigation is something many small business owners will experience at least once, and you want an experienced small business lawyer representing you and your company in court. Don’t wait until you’re in the middle of a potentially messy legal incident to seek the advice of an attorney.

For more information about how our attorneys can help you as a small business owner, or if you have any questions, please contact SCC Legal today. Discover why so many people in New Jersey choose us as their trusted small business lawyers. We look forward to hearing from you.

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