It is impossible to predict the future, but there are steps that a Tennessee business owner can take in order to look forward with confidence. Things can happen, such as the death of the owner or other type of emergency, and having thorough plans in place will help ensure the continued operations of the company. With experienced small business counsel, a business owner can address important issues and formulate appropriate plans.
After the recent unexpected death of a small business owner, his family faced difficult choices as they tried to decide whether they would continue his operations or sell. He had no succession plan in place or anything in writing that outlined what to do with the company. Ultimately, another family member stepped in to run the business, but that came with a difficult period of transition and uncertainty.
Having contingency plans in place can allow a Tennessee business owner to protect his loved ones in case of an emergency. It also helps to keep good records and seek counsel regarding important choices. No matter the size, scale and success of a company, planning for the future is an important and prudent step.
Every person who owns and operates a small business will find significant benefit in seeking small business counsel for a variety of legal needs. This includes drafting a strong and thoughtful succession plan and making other decisions that will make sense long-term. If a person is unsure of where to start with this, it may be a good idea to seek a complete assessment of the business's needs with an experienced legal advocate.