Why Business Estate Planning is Important Business owners naturally tend to focus on the day-to-day operations and needs of their business, employees, and customers. But, long term planning is important to protect the value you have built in your business. Unfortunately, most Texas business owners, like most individuals, do not have even the most basic estate planning documents in place. If you are a Texas business owner, you should consider how your business would be affected by unexpected events, including a health emergency, incapacity, or death. Your plans should also include your goals for your retirement, your family, and your employees. Lack of planning can put these goals into jeopardy. Step #1: Get a Will and Basic Estate Plan Regardless of business …
Optimism Isn’t Enough New business partners often have a shared optimism that gives them the willingness to take on the risks associated with creating a business from scratch. They can envision their new business achieving each milestone toward profitability and defeating every hurdle. After the entity is formed, any further formalities feel like an unnecessary obstacle to getting the business up and running. After all, why document how to split profits or divide duties when that has already been discussed and agreed upon in an email? We all get along now (when the business isn’t worth much), so why wouldn’t we agree in the future (when the business is valuable)? Whether your business is a startup or has been operating for many years, …