When choosing an executor, most people focus on one question:rnrnWho do I trust?rnrnTrust is certainly important. However, there is another consideration that many families overlook: Where does your executor live?
Reena Gulati Blog
In Parts 1 and 2, we reframed succession planning as a business survival strategy and not a “someday” project. We walked through the most common mistakes that quietly derail otherwise strong businesses. Now let’s talk about what a good plan actually looks like.
Most business owners don’t avoid succession planning because they’re careless. They avoid it because the business is busy, the future feels far away, and talking about it feels uncomfortable.rnBut succession planning rarely becomes urgent on your schedule.rnIt becomes urgent when someone gets sick. When a partner wants out. When a key employee leaves. When a buyer shows up with a real offer. Or when something happens that no one wants to imagine, and suddenly the business is expected to keep running anyway.
Most business owners think of succession planning as something to deal with “later” — when retirement is closer, when the children are older, or when there is finally more time. But that mindset can create one of the biggest hidden risks in an otherwise successful business.
If you own a business or real estate in New York, you’ve already done the hard part: building something valuable. But without a clear estate plan, all of that can be put at risk—either through probate, taxes, or uncertainty over what happens next.rnrnThis is a common issue I see with clients who have substantial real estate, investment properties, or closely held businesses. They often have a will, or maybe nothing at all, and believe that’s enough. It’s not.
