Why you need to protect the family business

Foster Swift lawyers encourage early planning before wedding rings

Couple running a small business

Couple running a small business

Couple running a small business

Southfield, Mich., December 23, 2021 (GLOBE NEWSWIRE) – The holidays can be a magical time of new beginnings. Under the warm glow of twinkling lights, in the midst of New Year’s celebrations, it’s no wonder it’s engagement season! But before you jump into any wedding plans, it’s important to make sure that you have plans in place to protect the family business.

“Changes in relationships, whether it is a marriage or a divorce, can lead to serious business complications if you are not prepared.” Andrea Badalucco of Foster Swift says planning early with trusted key advisors can help avoid potential conflicts and ensure business success.

“It’s more than writing a marriage contract, although it’s a good 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 qualified and trusted advisors. Before the wedding bells start ringing, speak 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 in the same way as traditional business consultants, but they understand the delicate intricacies of balancing business needs and family relationships.

Business lawyer

Family lawyers ensure clients can achieve their goals by advising them on applicable laws and representing them when a problem arises.

Estate planning lawyer

These attorneys understand state and federal laws that affect how your estate will be inventoried, assessed, dispersed, and taxed.

Financial planner

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

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

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CONTACT: Kimberly P. Hafley Foster Swift Collins & Smith 517-371-8112 [email protected]

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