Business Succession Planning is Estate Planning

Sebastian D'Acunto, a Trusts and Estates attorney at Pullman & Comley LLC, authored an article for the Westfair Business Journal on why succession planning is essential to a small business' overall estate plan in both the short and long term. Many of these succession plans, however, don't address the potential sudden, unexpected death of a business owner. 

"The operating agreement or shareholders' agreement should spell out exactly what is to occur in the event or the death of a partner," writes Seby. "This helps avoid potential conflicts between the surviving business partners and the surviving heirs."

Battles rage every day in probate courts involving businesses with owners that didn't understand the importance of getting the succession plan right.  To read the full article, please visit the Westfair Business Journal website.