5 mistakes business owners make when passing down their business to their children
YOUR BUSINESS IS A GENERATIONAL WEALTH BUILDING TOOL!
Business ownership is such a powerful tool, and today, we are seeing people starting their own businesses at very high rates. This is also especially true for people of color. Statistics have even shown that black women are now the highest demographic of people starting and owning small businesses. This means that NOW is the time to really invest in the planning and protection of this valuable asset, especially if you are wanting to pass your business down to your children one day.
Legally, the term for this protection and planning process is called business succession planning. And without it, you might as well be throwing your business away after you're gone.
As a business owner myself, I completely understand your concern of wanting to be sure your business is protected and set up for success so that it continues on after you. And as a person who lost her mother unexpectedly who didn't have a plan in place for her children, I personally know and have experienced the consequences of not being proactive and intentional about your children's future. (I ended up not seeing a penny of my mom's assets.) Learn from the mistakes of my family and download this guide so that you can get a head start on securing your legacy through your business.
The truth is this ...
You're working really hard on your business to leave a legacy for your family, but you do not know the EXACT STEPS you need to take to do that effectively, adequately, and correctly. (And quite honestly, you don't have the time to figure it out. You're not exactly an attorney either).
You would do anything for your children (even take a bullet for them), and it stresses you out or gives you anxiety not knowing whether they will be fully provided for, protected, and taken care of when you are no longer here to do so.
You absolutely DO NOT want to perpetuate the same toxic financial, relational, intellectual, and spiritual generational cycles that have been in your family for decades. You see more for your family and those who will come after you.
THIS GUIDE IS FOR YOU IF...
You want your business to be a stable financial source for your children even after your gone
You actually deeply care about what happens to your business because with it, you've made an impact on people's lives
You are working hard to build and grow your business and you do NOT want to see it stop with you
You desire to set an example for your children by being intentional about their future
You want this "passing down process" of your business to be super smooth with little mistakes so that your family won't have a big mess to clean up later
You dream big, are legacy-minded and desire to leave a long-lasting legacy through your business that lasts for generations
I have had to deal with issues with family members were not prepared, and so this information is extremely needed and everyone must be aware of it.
I have absolutely gained so much knowledge about this in such a short period of time. Thank you!
This is a wealth of information that I will certainly be using and taking with me as I navigate trying to leave a legacy for my family.
ABOUT MARIAH STREET, ESQ.
Mariah Street is a licensed attorney in North Carolina, and the CEO & Founder of Legacy Street Law - a modern, virtual, down-to-earth, NC-based law firm, with a primary focus on providing culturally relevant education and customized legacy, wealth, and business planning to young business owners with families. She started her law firm because her mother died suddenly at a very young age with no type of planning in place, and so she wanted to ensure that families properly protect and pass down their businesses, their legacy, wealth in order to adequately provide for their family.
Mariah has helped hundreds of clients build and protect their business, family and legacy, and has served as legal counsel and a legacy-driven strategist for many notable government agencies, consulting companies, and non-profits.
Mariah is also an empowerment speaker who helps people who are clueless about how to build tangible and intangible wealth get clear on the legacy they want to leave. She provides trainings, keynotes, and workshops on wealth & legacy mindset, legacy building, and legacy planning as well as leadership, purpose, and perseverance. As a speaker, she has been featured on numerous podcasts and has spoken at various colleges, conferences and organizations, including UNC Chapel Hill and Alpha Kappa Alpha Sorority, Inc.
Mariah has a Bachelor of Arts degree in Political Science and Public Policy from the UNC Chapel Hill and a Juris Doctor degree from North Carolina Central University School of Law.