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Brownsville Texas Legal Blog

Why it is important to have a succession plan for your business

You may think that your business succession plan has nothing to do with estate planning. However, they are two very intertwined processes that both have an impact on the other. Your financial life can be dramatically impacted by how you analyze and implement each of them.

With estate planning, you are preparing for the efficient transfer of assets and property following your death. This will include the successful transfer of power of your business.

The difference between a title commitment and a title policy

We live in a growing community. Businesses are bustling and prime property is purchased. Investors and entrepreneurs have boundless opportunities to start new projects and set themselves up for success. Whether we are just starting to invest, or have been around the commercial real estate block a few times, it’s essential to nail down the basics, starting with a title commitment and a title policy.

Woman-owned businesses are on the rise

The recession of 2007-2009 did serious damage to the national and local economies. One bright spot is that, as the economy has bounced back, new entrepreneurs are diversifying the marketplace. Specifically, women are opening new businesses a historically unmatched rate.

It’s too early for official 2017 statistics, but in the 2016 State of Women-Owned Businesses Report, it points that women now own 38 percent of the country’s businesses. That rate was just 29 percent in 2007. The 45 percent growth rate is unprecedented, and is five times the national average increase for new businesses overall. The study also notes that revenue has increased too, not just the prevalence of woman-owned businesses.

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