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Posted: 10/19/2016 10:55:07 PM EDT
Not sure where to start but in my current situation I'm feeling the responsible thing to do would be to have some advance planning in place. Basically wanting advice on where I should start looking or what types of people I should start talking to.

Brief summary:

I'm 30 years old, 3 years ago I started a business from nothing, and I am now generating millions of dollars in revenue each year through my two retail store fronts. The company makes a substantial amount of profit. Single member LLC.

If something were to happen to me right now, I have no idea what would happen to the company, the companies assets, my personal assets, vendor debts, cash in the bank, what would happen to my employees, etc etc.

I am single, have no kids, and no really good friends. My father started working for me about a year ago as a salaried employee. I would like to leave the business to him, but I don't think he has the knowledge or skill set to do what I do. I'm unsure if I would want the business left to him or have the assets liquidated and give him the cash. Another thought would be to divide the business up between employees who have more than a year of tenure. Between them all they could probably get it figured out to continue on running and live very comfortably.



Link Posted: 10/19/2016 10:58:35 PM EDT
Link Posted: 10/19/2016 11:37:21 PM EDT
[Last Edit: 10/20/2016 12:30:13 AM EDT by EXPY37]
Originally Posted By GraniteClimber:
Not sure where to start but in my current situation I'm feeling the responsible thing to do would be to have some advance planning in place. Basically wanting advice on where I should start looking or what types of people I should start talking to.

Brief summary:

I'm 30 years old, 3 years ago I started a business from nothing, and I am now generating millions of dollars in revenue each year through my two retail store fronts. The company makes a substantial amount of profit. Single member LLC.

If something were to happen to me right now, I have no idea what would happen to the company, the companies assets, my personal assets, vendor debts, cash in the bank, what would happen to my employees, etc etc.

I am single, have no kids, and no really good friends. My father started working for me about a year ago as a salaried employee. I would like to leave the business to him, but I don't think he has the knowledge or skill set to do what I do. I'm unsure if I would want the business left to him or have the assets liquidated and give him the cash. Another thought would be to divide the business up between employees who have more than a year of tenure. Between them all they could probably get it figured out to continue on running and live very comfortably.



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There's probably NO ONE who can do what you do or keep your biz successful. It takes a rare refined combination of specialized skills and other factors to do it.

Entrepreneurs are a 'special' breed...


I had your issue decades ago...

Know what I did?

NOTHING


Now the biz is sold and I have a detailed will. Am I happy with the will? NO!

The last thing I want is my hard earned assets going to useless incompetent video-game playing addicted shit-brain drones by the person who I leave everything to, altho she is pretty down to earth. Pisses me off this may happen when I pass...


Can I put it in a trust --And let the Trustee Rip it off... Don't think so...

Charity? LOL. I gave $$$ to a charitable hospital and they couldn't even spell my name right -Screw them...


All I can suggest to you is use your best common sense and protect your assets for yourself. Make sure to make provision so folks are taken care of --with the understanding most will squander it...


Diversify. And enjoy the fruits of your efforts. Don't become addicted to ANYTHING! Unless you want to fail...

Do the opposite of the Sheeple and keep the VULTURES at bay. Trust your instincts.


All this is off the top of my head, I'll think abt this some more if you want...




Link Posted: 10/19/2016 11:40:50 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By LuckyDucky:
Get an estate planning attorney.
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This.... Depending on the value of your business it may have to be sold to pay estate tax. You will need insurance to protect your heirs and a solid plan with a will and perhaps trust documents
Link Posted: 10/21/2016 1:17:05 PM EDT
I'll be your friend.

Seriously though, I would talk to an attorney that specializes in business continuation planning in your area.

You first need to figure out what you want to happen if you pass. That way the attorney gets an idea of how to steer you in the right direction.
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