Louisville KY -Importance of Estate Planning for Business Owners | Coaching News

People pursue entrepreneurship to do what they love, take control of their finances, and ultimately support their families personally and professionally. The alternative retirement planning process holds many people back from pursuing entrepreneurship versus working nine-to-five at another company. 

Now, imagine if the years you’ve spent cultivating the business you’ve always dreamed of, where you’ve accumulated the commercial success you’ve envisioned, goes to waste if the only legal process you’ve followed through with is creating a will or testament!

Estate Planning To Secure Your Assets

Becoming an entrepreneur involves consistent planning and using professional resources to track your progress, finances, market value, and more! Entrepreneurship is essentially taking control over your future – estate planning is securing what you’ve worked for to secure your future.

A will does not guarantee the efficient distribution of your assets to your family, and the probate process is complex, public, and costly. In Soar Higher Podcast’s episode about the importance of estate planning, estate attorney Sean Lohman recounts cases where assets are drained because of the one-dimensional process of the standard will or testament.

A business exit strategy is a critical component of your strategic business plan so you can receive the most financial return and value and minimize potential losses when selling your company. Similarly, a proper estate plan will help you secure all of your assets for your family and will reduce losses.

How Proper Estate Planning Serves Your Loved Ones

Additionally, just as a business exit strategy gives you more clarity on your financial goals, estate planning helps you assess your current business operations and envision your long-term financial goals. Both make you consider if you’re running and benefitting from your business as optimally and responsibly as possible, keeping the future of yourself and your family in mind. 

Creating a business exit strategy involves professional assistance, such as a business coach who is a certified exit strategy expert and a financial advisor, to create a customized plan just for your business. Estate planning follows a similar method where you’ll reach out to an attorney who will consider your unique career, family dynamics, and investments to create your plan.

Simply filling out a standard will or application online does not ensure the security of your assets and does not guarantee your family has any significant control over the process if you are incapacitated or pass away.

Call 719-640-8226, or click here to book a consultation with me for services such as succession and exit planning advising! To learn critical information about protecting your assets, such as setting a durable power of attorney and more ways to ensure your family is provided for, click here to listen to the Soar Higher Podcast episode 24: Preparing for the Future With Sean Lohman!