When Should You Start Business Succession Planning? Advice for Georgia Family Business Owners

When is the right time to start succession planning for your business? CPMT attorneys hear this question constantly, and the answer surprises most owners: the day you open your doors. In this episode, Cohen Pollock Merlin Turner attorneys Matt Lambros and Jacob Rich explain: Why your exit strategy should be part of your business plan from day one What happened when one owner died mid-sale (his business lost roughly 60% of its value) How to divide a business among children fairly when only one of them works in it The difference between inheriting an economic interest and earning a managerial one Why the next generation should work somewhere else first 📬 Get plain-language legal guidance in your inbox each month: https://www.cpmtlaw.com/newsletter?ut... 📅 Schedule a consultation: https://www.cpmtlaw.com/consultation 🌐 Learn more: https://www.cpmtlaw.com 📍 Cohen Pollock Merlin Turner | Atlanta, Georgia #BusinessSuccession #EstatePlanning #FamilyBusiness #AtlantaLaw #GeorgiaAttorney #businesslaw 00:00 Cold open: does your child even want the business? 00:18 The right time to start succession planning 02:01 A cautionary tale: the sale that died with the owner 02:58 The client who is planning 15 years ahead 04:16 Talk to your kids before you talk to your lawyers 05:35 Why the best transitions overlap generations 06:42 Economic interest vs. operating control (LLC vs. S corp) 07:23 Three kids, one business: how disclaimers balance an estate 08:19 What parents can do that attorneys cannot 10:52 Why the next generation should work somewhere else first 12:30 Inherit the economic interest. Earn the managerial one.