In baseball, some may perceive a “relief pitcher” as a pitcher who enters the game once the starting pitcher’s performance has begun to wane. Many may view a relief pitcher as “second-rate;” a pitcher good enough to pitch at a pro-level, but not good enough to start a game or be the face of the franchise. Nothing could be further from the truth. All of the great teams in baseball have a talented and diverse set of relief pitchers. Teams can strategically utilize their relief pitchers to pitch single innings near the end of a game, giving the pitching team a psychological advantage over their opponent. Many of the best pitchers in baseball have made careers out of their ability to come into a game as a relief pitcher and close out the victory. One of the greatest active pitchers in baseball today, Mariano Rivera, is a relief pitcher.

As a business owner, you are likely the “starting pitcher” for your business. You may be the face of your business and the leader of your business. The responsibility to ensure your business’s profitability lies squarely on your shoulders. While focusing on making your business successful is important, you may have given little, if any, thought to what would happen to your business if you were to pass away or be forced into retirement due to unforeseen circumstances. Business succession planning ensures that your business continues moving forward in the direction you desire when you are no longer in the picture. It allows you to choose the “relievers” that will carry forward your vision for your business.

In formulating a business succession plan, it is important to come up with a plan that meets both your needs and the needs of your business. The process must take into consideration the legal and tax consequences of your business succession decisions. The overall goal is to create a plan where your business can continue to thrive and grow without you. An attorney with business law experience can assist you with the drafting, notarizing, and filing of your business succession plan. Good business protection planning can protect your business from the court system or excessive taxation. It is important to consider proactively planning ahead with a solid business succession plan that will ensure that your business keeps moving ahead on your terms.

For additional reading:

The Benefits of an LLC

Navigating Business Acquisitions

 

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