Chayet & Danzo, LLC

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us

COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication:
guiding colorado families and Their Trusted Advisors During Times of Need

How to keep a company thriving? Business continuity plans

| Jul 13, 2017 | Estate Administration & Probate |

When is the right to time do business continuity planning if you are a sole owner or have a family business you would like to eventually hand off to children? It’s right now.

Here is a story that illustrates the importance of starting the process right away. A business owner of a local outfitter went missing while in the back country. Once probate proceedings started the store was already in trouble. The owner has given little thought to what would happen assuming he would sell it before retiring.

Planning necessary for a business to survive

There are some steps that can be taken to have the right processes in place to keep the business thriving. An initial consideration is how to get top employees to stay during a time of transition. To keep these employees:

  • Consider an incentive compensation plan that vests over time.
  • A stay bonus funded with life insurance is another way to ensure key staff will remain after the owner’s death.

Communicating with employers and creditors that a continuity plan is in place for the business is often as important as the planning. Communication failures are when misunderstandings can occur that undermine the most carefully laid out plans.

A written succession plan should name who will take over the day-to-day operations of the business, whether the business should be continued or sold and resources heirs may consult during the process. Working with insurance professionals is another piece of the puzzle. As insurance policies may be used to pay off capital assets or provide liquidity through transition. 

Putting together a tailored business continuity plan provides the guidance that loved ones will need to know what to do if the unexpected occurs. These discussions can be a part of a personal estate planning process, because often the business succession strategy will affect how gifts are structured.

Archives

Co-Counsel Services for
settling of Personal Injury and Divorce Cases

Read More

Important intake forms

Prepare for your Meeting

Our Elder Law & Estate Planning Blog

Read Weekly Updates

Join our mailing list

Sign up here

FindLaw Network