If you are Family Owned Business and you don’t have a succession plan or at least a current, updated one, you could lose your legacy tomorrow without a plan. The current state of the world means you may not have time to spend years crafting the perfect succession plan, which is why we crafted an interim solution that ensures your legacy lives on in the event of misfortune.
It’s not just about life or death, but also about incapacity whether it be in the short run or long run…
A Plan and a Partner
Most Family Owned Businesses don’t have a succession plan at all.
We created a Business Succession Emergency Continuity Plan. In addition to the formal legal documents, we partner with you. Our Head of Family Business Enterprise Services, Mitchell Singer will partner with you to build your plan and implement it. For larger or more involved businesses, Mitchell will provide ongoing mentorship and guidance on a day to day basis as needed. Remember when speaking to Mitchell, you are speaking to someone who wrote the book “Succession Planning for Family Businesses: Preparing for the Next Generation”.
What is the process?
A proper succession plan has 4 steps:
We have the necessary technology to facilitate this type of meeting already in place. He goes through his intake process to learn about you, your family, your business and the points of vulnerability.
He then can prepare simpler versions of some of the legal documents that are necessary for this urgent version of a succession plan. It includes legal documentation, checklists and communication of the plan with your family members impacted whether they are involved in the management of the business or not.
This is not a substitute for the many hours that would go into most succession plans. While taxes are not ignored, this is not about going through a massive corporate restructuring to save. This is about maintaining your legacy and getting what needs to be done quickly.
What is the cost?
A basic plan can be put in place for as little as $2500 but it depends on the complexity of your organization and your personal affairs. Some aspects of a plan may already be in place. We realize that many businesses have multiple corporations, international divisions and outside management to deal with. On the personal side, you may have children, multiple marriages, children from different marriages and stepchildren to deal with. Many legal disciplines come into play from wills to corporate to family law.
How long does it take?
Simple plans can be implemented in a matter of days with immediate, concise but sympathetic communication to all parties impacted. We assess your situation quickly. Usually in a one-hour conversation. We align your goals with what’s already in place through a minimal number of steps. We implement the documentation for you to achieve your goals in a matter of days.
What happens after (the Coronavirus)?
You are a step ahead of thousands of business owners who have no succession plan at all. Hopefully, you and your business have survived and are now ready to face the world again.
You can meet with Mitch (in person this time) and take your plan to the next level. You can make each part of it more robust to line up with your goals.
We also will provide you with the expertise to minimize the impact of tax.
Mitchell will break your plan down to its simplest terms. That is making sure that your assets get where you want them to go with as little hassle and as little tax as possible.
To learn more about a business succession emergency continuity plan, contact Hummingbird Lawyers today at (905) 731-1911.