If you don’t plan properly and have the correct documents in place, the business could die or go under once the founder dies. Many people who start a business do so to leave a legacy for the next generation. However, the founder of a business does not always get to see that play out. Without an estate plan and a business succession plan , a person's businesses and assets may not be passed on to their intended successors. By talking with an attorney about your wishes and taking some simple steps, you can make sure your business will continue after you are gone. The death of a founder is a devastating loss for the family and friends who have lost a loved one, and it can be worrisome for the people who are left to carry on his or her business. In order to keep the business going and honor the wishes of the deceased, an estate plan is usually put into place. It establishes instructions for managing the business after the founder has passed away, and it provides guidelines for how ...
