Focused Energy's Drew Lyon weighs in on successful estate planning tips
While everyone needs an estate plan, it is even more vital for an entrepreneur.
Indeed, it's too tempting to focus on growing a company while neglecting to consider what may happen to their business if something were to happen to them.
The single biggest risk to any venture is a death, explains FE partner Drew Lyon in an interview with Tough Love for Business. This not only puts a lifetime of hard work but household's livelihood in jeopardy.
"Without proper planning, the business will go to that person's heir. Ensuring that your organizational documents are in order to prepare the business for that event is key. This ensures that something as disruptive as the death of an owner isn't further complicated because of poor planning," says Lyon.