[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/nmichlaw.com\/blog\/estate-planning-is-critical-for-small-businesses\/#BlogPosting","mainEntityOfPage":"https:\/\/nmichlaw.com\/blog\/estate-planning-is-critical-for-small-businesses\/","headline":"Estate Planning Is Critical for Small Businesses","name":"Estate Planning Is Critical for Small Businesses","description":"The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country &hellip; <a href=\"https:\/\/nmichlaw.com\/blog\/estate-planning-is-critical-for-small-businesses\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a>","datePublished":"2019-02-20","dateModified":"2022-06-20","author":{"@type":"Person","@id":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/#Person","name":"Alward Fisher","url":"https:\/\/nmichlaw.com\/blog\/author\/nmichlaw\/","identifier":10,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63071aa228c966abd886a2cbb647b07806c39706d3fbac14fe9c4c475edc7457?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Alward Fisher","logo":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/09\/logo-fisher.png","width":288,"height":103}},"image":{"@type":"ImageObject","@id":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/11\/featured-about-1.png","url":"https:\/\/nmichlaw.com\/wp-content\/uploads\/2021\/11\/featured-about-1.png","width":688,"height":382},"url":"https:\/\/nmichlaw.com\/blog\/estate-planning-is-critical-for-small-businesses\/","about":["Estate Planning"],"wordCount":288,"articleBody":"The United States is largely a land of entrepreneurs. It was founded by people who fled their homelands in search of a better life for themselves and their families. This entrepreneurial spirit thrives in Michigan and elsewhere around the country as new technologies provide the impetus for the birth of new businesses on an almost daily basis. While\u00a0estate planning\u00a0is vital for the protection of one\u2019s family, it can also be vital to the protection of one\u2019s business.As a family has members, a business has employees. The value of having an estate plan to protect one\u2019s business and employees is much like the value of having an estate plan to protect one\u2019s family. If something should happen to the owner of a business, a business succession plan is critical to the continued well-being of the company.In the event of the death or incapacity of the business owner, it is imperative that a contingency plan for control of the business is in place. If the business has multiple owners, an agreement is necessary that would cover buyout scenarios to protect the owners\u2019 interests. If the business is to be sold, instructions on maintaining the business through that process should be spelled out.A person starts a business in Michigan in the interest of providing a profitable future for oneself, one\u2019s employees and one\u2019s family. Failure to have an estate plan in place can cost valuable time and resources while the fate of the business is tied up in probate. Seeking the advice and guidance of an experienced estate planning attorney and establishing a business estate plan can provide peace of mind for oneself, one\u2019s family and one\u2019s employees."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/nmichlaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Estate Planning Is Critical for Small Businesses","item":"https:\/\/nmichlaw.com\/blog\/estate-planning-is-critical-for-small-businesses\/#breadcrumbitem"}]}]