Your business cannot depend on everyone knowing what you meant

Founders tend to carry the plan in their head. That works until an accident, illness, or death makes the plan unreadable to everyone else.

The practical issue

Operating agreements usually govern operations, not transfer at death or incapacity. When those provisions are missing or conflict with the estate plan, the family and the company end up negotiating during the worst possible week.

What can go wrong

• No one has signing authority for payroll or vendor contracts.
• Ownership passes to heirs who have no role in the business.
• Partners and family disagree about valuation with nothing in writing.

What to consider

• Who has interim authority to run the company.
• How ownership transfers and at what valuation.
• Whether life insurance or a buy-sell arrangement funds the transition.
• How the business plan and the family plan fit together.

How Toure Legal can help

Business Owner Legacy Planning documents ownership, authority, and succession, and aligns them with the family estate plan.