Engagement Season: Why You Need to Protect the Family Business

Foster Swift Attorneys Encourage Early Planning Before the Wedding Bells Ring

Lansing, Michigan, UNITED STATES


Southfield, Mich., Dec. 23, 2021 (GLOBE NEWSWIRE) -- The holidays can be a magical time marked with new beginnings. Under the warm glow of twinkling lights, amid celebrations of a New Year, it’s no wonder it’s engagement season! But before you dive into wedding plans, it’s important to make sure plans are in place to protect the family business.

“Changes in relationships — whether marriage or divorce — can cause serious business complications unless you’re prepared”. Andrea Badalucco from Foster Swift says early planning with key trusted advisors can help avoid potential disputes and set the company for success.

“It’s more than just writing a prenup, although that is a great start.” says Andrea. “You’ll want to look at the business holistically. I recommend looking at the big picture with a team of advisors, generating a plan that protects the business and its assets.”

The key to successful business and succession planning? Communication with a team of skilled, trusted advisors. Before the wedding bells start ringing, talk with your business attorney, estate planning attorney, financial advisor, and business consultant to decide the best course of action.

Family Business Consultant

These consultants act similarly to traditional business consultants but they understand the delicate complexities of balancing business needs with family relationships.

Business Attorney

Family business lawyers work to ensure clients can achieve their goals by advising on applicable laws and representing clients when an issue arises.

Estate Planning Attorney

These lawyers understand the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed.

Financial Planner

A financial planner offers broad financial advice or specializes in an area such as investments, taxes, retirement, or estate planning.

###

Since 1902, Foster Swift Collins & Smith, PC has provided comprehensive legal services to businesses, municipalities and individuals. The firm employs 100-plus attorneys and over 100 support staff in six locations; Lansing, Detroit, Southfield, Grand Rapids, Holland and St. Joseph.  For more information about the firm, its attorneys and to access recent publications, visit www.fosterswift.com.

Attachment

 
Couple Running a Small Business

Contact Data