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Securing your business legacy: Crucial tips for estate planning
Mint Kolkata
|June 04, 2025
I'm a 54-year-old man running a textile manufacturing unit. I want to ensure that upon my death, business operations and assets are secured. How can I protect my business interests after my death?
—Name withheld on request.
Follow these steps to ensure protection of business ownership, operations and management upon the death of a business owner:
Succession plan: This may involve passing ownership to family members or selling the business to an external party. A key goal is to minimise conflicts among family or partners by creating a detailed and clear plan to transfer ownership and management by defining specific roles and responsibilities. A well-crafted succession plan ensures business continuity and preserves the legacy.
Dit verhaal komt uit de June 04, 2025-editie van Mint Kolkata.
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