Mompreneurs are a force to be reckoned with. These moms are balancing the work of being stay at home moms while also pursuing an entrepreneurial venture. The call to be a mompreneur stems from a desire for flexibility, the ability to be home and according to one candle making mompreneur quoted in an article from USA Today, “to show [our] children what it looks like to be a mom who also can support the family, sustain a business and create something that then sustains all of us.”
Being self-employed is hard work, even more so when you are juggling motherhood. There are a lot of resources out there for mom entrepreneurs, like the Canadian Mompreneurs® company, Business Among Moms, or The Founding Moms, founded by Jill Salzman, known as the “Mommy Mogul”. While these sites and others are great for resources, networking, and business growth support now, we realize that you may be wondering about later. What happens when your children are grown, and you are looking to retire? That’s where business succession planning comes in.
While you may be your company’s brand, the driving force, or you might be the only employee, you will want to consider establishing a succession plan in case the unexpected happens early so all your hard work doesn’t just cease to exist the moment you are unable to work. Business succession planning when you’re self-employed is also critical in planning for retirement. If your plan is to close up shop once you retire, you still need an exit plan for this scenario.
A business succession plan is where you establish what will happen to your business when you are no longer running it. You can set out how you wish to transfer ownership, whether it be to loved ones or if you choose to sell the business. It also answers questions like: If you become incapacitated or pass away suddenly, who will run the day-to-day operations? Who will carry the torch for the vision of your business or make sure your customers are not left hanging?
You may think that because you run a small online business you don’t need a succession plan, but that would be like saying you don’t need an estate plan because you have one child. Do you understand the estate tax ramifications if you were to pass away with no succession plan? Or other consequences, of how your death will affect your family financially as well emotionally.? It can seem like a complicated world to dive into, but that’s where working with an experienced estate planning attorney can help. At Family Estate Planning Law Group, our focus is on helping you take care of your family and your assets, and that includes planning for your business. We have extensive experience in business succession planning and are ready to help you come up with the best plan for your business no matter how big or small.
You chose to become a mompreneur because you wanted to be there for your kids and to show them what moms can do. Don’t leave them or your business unprotected by not establishing a business succession plan.
To learn more about business succession planning and other estate planning topics, visit our website and schedule your complimentary consultation today!
Let us be part of your team to help you protect your family and your business while you balance the demands of both.