Business Succession Planning for Los Altos Hills Business Owners

Start with the decision, not the paperwork

Identify the outcome you want for the business interest. Are you considering a transfer to a particular person, continued ownership by someone already involved, or another arrangement? These are planning questions to discuss, not assumptions about what a document can accomplish. The choice may depend on who is prepared to take responsibility and how that choice fits with your broader estate plan.

Also consider two different situations: a period when you are unable to make decisions, and what you want to happen after your death. The people you expect to act may differ between those situations. Naming the desired people and outcomes first gives the planning discussion a concrete starting point.

• Who do you want involved in decisions if you cannot act?
• Who should receive or manage your interest after your death?
• What should happen if your preferred person cannot or does not want to take on that role?

Make the ownership record concrete

Before discussing how the business interest fits into an estate plan, identify exactly what you own and how it is held. An ownership inventory can help distinguish the business interest from other property and make it easier to compare the intended plan with the current ownership record.

Gather records that show the nature of your interest and its current ownership. If you are uncertain what a record means, flag the question rather than guessing. The inventory is a planning aid; it does not itself decide who will own or control the interest in the future.

• List the business interest and how it is currently held.
• Collect available records that identify the interest and its ownership.
• Note any gaps, conflicting details or questions to resolve.

Coordinate the business interest with the estate plan

A will, trust, financial decision-making documents and asset ownership can be considered together as part of estate planning. For a business owner, the practical question is whether the intended treatment of the business interest fits with those other parts of the plan and with the people expected to act.

Bring the ownership inventory and your preferred outcomes to the planning discussion. Consider whether your current documents and ownership information appear consistent with those preferences, and identify points that need clarification. Do not assume that naming a person in one document, by itself, settles every question about ownership or decision-making.

• Describe the outcome you want during incapacity and after death.
• Identify the people you expect to act and any alternative you want considered.
• Ask how the business interest should be addressed alongside your will, trust and financial decision-making documents.

Prepare for a focused planning discussion

Bring the ownership records you have, a list of current estate-planning documents, and a short description of your preferred outcome. Include questions about unclear ownership details or differences between the people you would choose to act. These materials help make the discussion specific without requiring you to resolve every issue in advance.

The planning conversation can address document coordination and the information needed to consider your goals. It should not be treated as a substitute for a business valuation, tax-return preparation, transaction work or resolution of a business dispute. If your decision depends on one of those issues, identify it so you can determine what additional advice or services may be needed.