For business owners who wish to keep their operations private, estate planning is essential.
Serious or fatal injury is a possibility at any time, which is why having a plan in place from the onset can protect start-up owners. The Conway Center for Family Business reports family businesses account for 64 percent of the United States gross domestic product.
Lacking estate planning while running a business may mean that key executives in a start-up will need to fight for their business rights if the ownership comes into question.
If you have family or loved ones you want to ensure care for in the future, protecting your business is essential.
Also, when a business owner dies, their legacy is not the only one that is affected.