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Parental Leave and Business Succession

October 13, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

A leader’s primary contribution to a company is their availability and vision, this makes it important to plan ahead for maternity or paternity leave. Since the U.S. does not cover extensive paid leave, and only 11 percent of people have it offered through their company, it’s critical to think about how a temporary leave can influence the business.

U.S. laws do permit 12 weeks of unpaid leave with job security, although 40 percent of people do not even qualify for this. Alleviating the stress of the situation is paramount, so planning ahead for what this means for the company owner and the business is a wise decision.

This is also a good opportunity to do a practice run for business succession. A temporary leave that is going to happen anyway empowers individuals with the chance to enhance their management skills and gain a better grasp of what is required while playing a bigger role. It might help to identify people who flourish with this opportunity, but it can be equally useful to determine who struggles with it.

Fostering a culture where all players focus on vision and meeting company objectives is the best way to plan for the departure of a key individual, whether it’s temporary leave or a permanent exit.

Planning can help to save money and efforts spent trying to hire executives from outside the company who may not completely understand the existing culture. To learn more abou planning for business succession, contact info@lawesq.net.

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