Are you young, single, successful? In a career or building a thriving business?
Estate or Legacy Planning will be the furthest thing from your mind; and rightly so...
why dwell on death; rather, how about thinking about building an iconic business or significant assets that will last?
Do you want your business to outlive you? Planning for that time should be built into your structure and processes from the onset to allow for the seamless transition of the business.
It is critical to identify key individuals who can assume executive and managerial duties, including family members. The overarching goal is to choose the most capable hands for the business.
Far too many Nigerian businesses don’t last beyond the founder. A well thought out succession plan will clarify how ownership will be transferred.
By failing to have a plan that enables the business to continue operating, partners, owners and family members will be left scrambling to manage business assets, and disputes may arise, leading to the demise of a thriving business.
By seeking professional advice early, a business owner can chart a course for the future when he/she wishes to step aside or is no longer able or around to steer the ship.
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