Tech Business Talk:Can Your Business Survive Without You? [YouTube Release]

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Great video, guys. I spent a number of years working in probate as a paralegal, and today I write a lot of articles for estate planning blogs on business succession planning. It’s often overlooked by small business owners and can lead to a ton of problems if they die unexpectedly.

One issue I would point to is that your choice of business entity can play a significant role in succession planning. In many states, if you are a sole proprietor or a single-member LLC, the business legally dies with you, meaning the executor of your estate is legally required to wind up the business within a fixed period, such as 90 days. (A corporation is obviously different as it exists separately from its shareholders.) So if the executor has no knowledge of the business or how it operates, that can clearly lead to problems.