In our last post, we highlighted the importance of having proper documents in place to protect one’s business from the scourge of divorce. Specifically, a postnuptial agreement can help guard against the difficulties that can arise when a business was formed long after the marriage began. We also highlighted the issues that can arise in valuing a business.
The Willow River site, formerly the location of a Ford Motor Company WWII bomber plant and later a GM powertrain plant could become a center for testing driverless cars, with the hope of making Detroit and Michigan a center for the development of this new technology.
Many businesses in Michigan operate as a sole proprietorship. This makes sense for many small or part-time businesses. You may have limited capital and you may be the owner-boss-employee all wrapped in one. The danger, even in these types of situations, is that legally you and your business are the same.
It's business; it isn't personal. And like so many other aspects of running a business, succession planning leaves little place for emotions. In order to plan and orchestrate a transition of leadership in your small business, it pays to start well in advance. Before you plan to retire, it won't hurt to get more than a decade's jump on these decisions and then anticipate the need to revisit them as things may change over the course of that time.
With the start of the New Year, the business climate in Michigan is looking better than it has for many years. The auto industry may experience at another great year of performance, due to improved productivity and the industry always benefits from low gasoline prices.