If you’re a business owner, there’s a good chance you’ve poured years of time, energy, and financial investment into growing your company. But here’s the critical question: Have you included your business in your estate plan?
I’m Sabrina Winters, an Estate Planning and Probate Attorney in Charlotte, North Carolina. In this post, I want to shed light on why estate planning isn’t just for individuals with homes and savings accounts — it’s equally, if not more, important for business owners like you.
Your Business Is an Asset — Treat It Like One
Many entrepreneurs don’t realize that their business is considered an asset in the eyes of the law. That means your business has real value and if something were to happen to you, that value needs to be protected, transferred, or managed through a proper legal plan.
Think About This:
- Who would collect your outstanding invoices?
- Who would issue final paychecks to employees?
- Will someone be ready to buy out the business or will it dissolve?
- How will your loved ones benefit from what you’ve built?
Without a plan in place, your business may face court delays, tax issues, or even closure — causing unnecessary stress for your family or business partners.
Common Mistakes Business Owners Make in Estate Planning
- Not Including the Business at All
Many owners only think about personal assets and forget the business altogether. - Failing to Designate a Successor
If you don’t name someone to take over (or wind down) operations, no one will have legal authority to do so. - No Buy-Sell Agreement
If your business has partners, a buy-sell agreement outlines how ownership transfers in the event of death or incapacity. - Ignoring Tax Implications
Poor planning could result in unnecessary estate or capital gains taxes, reducing the value passed on to your heirs.
What You Can Do Now to Protect Your Business
Here’s how you can get started:
Step 1: Evaluate Your Business Structure
Is your company a sole proprietorship, LLC, or corporation? This affects how assets are transferred and taxed.
Step 2: Identify a Successor
Choose someone you trust to either continue operations or manage an orderly sale or closure.
Step 3: Create a Business Continuity Plan
Document how key tasks should be handled in your absence, from paying vendors to client communication.
Step 4: Integrate Business into Your Estate Plan
Ensure your will, trust, and power of attorney documents include specific instructions for your business
Let’s say you own a small consulting firm in Charlotte. You’re the sole owner, and you’ve built solid monthly revenue and long-term client contracts. If something unexpected happened to you tomorrow, and no one had authority to step in, your clients may leave, employees may go unpaid, and your family could miss out on years of hard-earned equity.
A tailored estate plan could prevent all that — ensuring your family or chosen successor can either sell the business, continue it, or wind it down the right way.
Don’t Wait Until It’s Too Late
Tomorrow isn’t promised. Your business deserves to be protected, and your loved ones deserve clarity and peace of mind.
At Sabrina Winters, Attorney at Law, PLLC, we help business owners across Charlotte create personalized estate plans that safeguard their legacy.
Ready to Get Started?
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Don’t let years of hard work go unprotected. Plan today — your future self will thank you.