Going into business for yourself is a huge undertaking, and most of us are aware of the fact that the majority of business start ups do not withstand the test of time. Therefore, your primary focus when you first get started is going to be to simply become profitable and stay in business.
But at the same time, you do have to keep an eye on the future. Once you have a foothold and recognize that you will be in business for the long haul, you have to come full circle and ask yourself how you will be exiting the enterprise.
Depending on the type of business you own, the options available to you will vary. Some businesses are not going to last beyond the exit of the owner because the viability of the business is driven by the specific talents of this individual.
If you are in one of these owner-driven businesses, you will plan differently than someone who intends to pass along the business to a family member or sell it to the highest bidder.
The wise course of action is to sit down and discuss your future intentions with an expert when you are a small business owner. This will allow you to proceed in an intelligent and informed manner every step of the way.
If this seems logical to you, don’t hesitate to pick up the phone to arrange for a consultation with a licensed and experienced San Jose estate planning lawyer who has a background assisting small business owners.