“Girls” according to Beyonce:-) Sorry guys.
Female-owned business ownership is on the rise in the U.S. and many women who run their own companies often do double-duty as CEOs of their families as well. The tendency for many is to leave important issues like estate planning for another day, but doing so can have a negative impact on both business and family.
Female entrepreneurs can get a head start on protecting personal and business assets by:
Creating a succession plan for the business. Female business owners with partners should execute a buy-sell agreement to protect each other’s business interests; without one, the ownership of the business could pass to a partner’s spouse or children. Business partners should also consider purchasing life insurance for each other to ensure there will be cash on hand to buy shares back from a deceased partner’s estate.
Gathering trusted advisors. An advisory team for female entrepreneurs should include a Creative Business Lawyer, a financial planner and a CPA at the least. By having a team already in place, you can avoid any missteps when making difficult decisions.
Protecting personal assets. Establishing trusts to protect assets from potential creditors or divorce is critical for any business owner. A Creative Business Lawyer can help female business owners understand all their options for asset protection and wealth management.
If you’re a small or mid-size business owner, call us today at 212-671-1973 to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit. Normally, this session is $1,250, but if you mention this article and we still have room on our calendar this month, we will waive that fee.