In a recent roundtable event held in the Cambridge Innovation Center, St. Louis estate planning attorney Tony Westbrooks listened closely as two Missouri entrepreneurs presented their business ideas, each navigating the complex intersections of focus, authenticity and growth. The entrepreneurs were eager for clarification from the panelists on strategies to scale, and sought constructive feedback on how to navigate the challenges they were facing.
One additional problem most business owners face when completing their own family’s estate planning is also completing business succession planning. During one such business succession planning conversation with a Formula Law client, the client disclosed that she owns 100% of the units of the LLC that provides both her and her husband full-time employment. Their recent trip abroad to celebrate her milestone birthday highlighted to them the potential business-continuity risks that could arise due to a lack of business succession planning.
If you or your family earn significant income from a family business, book a call now with St. Louis estate planning attorney Tony Westbrooks to discuss how your family can handle its business succession needs.