Business Succession Planning for Biggs Business Owners

Start with what you own and how it is held

Before a consultation, make a list of the business interests you own and note how each is held. Include the business name, the kind of interest you believe you have, and any records that identify your ownership. If you are unsure how a record describes the interest, include it rather than trying to resolve the wording yourself. An ownership inventory should identify both the property involved and how it is held.

This inventory gives the planning discussion a concrete starting point. It helps connect business ownership with the rest of your assets and estate-planning documents, rather than treating a will or trust as a stand-alone answer. Bring available records; the consultation can identify questions that need follow-up.

• A list of business interests and the names used in related records.
• Available ownership records and documents showing how the interest is held.
• A short note about records you cannot locate or do not understand.

Gather the documents that may need to work together

Collect any current will, trust, financial decision-making documents and business governing documents that relate to ownership or decision-making. Include amendments or later versions if you have them, and label anything you believe is outdated rather than silently leaving it out. Estate planning can coordinate a will, trust, financial decision-making documents and asset ownership; reviewing the materials together helps frame what should be discussed.

The practical question is whether the ownership information and planning documents tell a consistent story about what happens if you cannot make decisions or after your death. Do not assume a document transfers or controls a business interest just because it is part of an estate plan. Bring the documents so the relationship among them can be discussed.

• Current estate-planning documents and any amendments you have.
• Business governing documents and records that describe ownership or decision-making.
• A brief list of questions or apparent inconsistencies you want to address.

Identify the people and decisions to discuss

Write down who you expect to make financial decisions if you are unable to do so and who you expect to handle matters after your death. Note each person’s role as you understand it, and identify any role that is undecided. This is preparation for a conversation, not a conclusion that a particular person has authority over the business.

Consider which decisions concern the business interest and which concern your broader estate. For example, a person you have in mind for financial decisions may not be the person you expect to handle matters after death. Use the consultation to clarify which documents and roles should be considered together.

• Names of people you are considering and the role you have in mind for each.
• Decisions or responsibilities you are uncertain how to assign.
• Any concerns about coordinating business-related and personal planning.

Make a focused packet for a virtual consultation

For a remote meeting, gather digital copies of the ownership inventory and relevant documents in a clearly named folder. A simple index can identify each file, its date if known, and the question it raises. If a document is missing, note that fact and provide the information you do have; do not delay the conversation while trying to create a replacement.

A useful preparation note can summarize the business interest, how you believe it is held, the documents available, and the decisions you want to plan for. Keep questions separate from facts—for instance, distinguish a recorded ownership description from your uncertainty about what it means. This makes it easier to focus the discussion on coordination and any information still needed.

• Organize records by ownership, estate planning and business governing documents.
• Add a short index and mark uncertain or missing information.
• Prepare the main questions you want answered about document coordination.

Define the scope of the planning conversation

The consultation can focus on coordinating business ownership information with estate-planning documents and the people expected to act. It is not a substitute for establishing the value of an interest, completing a corporate transaction, preparing tax returns or resolving business litigation. If one of those matters is also relevant, identify it so the appropriate next step can be discussed.

A practical next step is to bring the inventory, available documents and a short list of decisions or uncertainties to a virtual consultation. The goal is to understand what needs to be considered together and what information may still be needed—not to assume that one document settles every succession question.