When you’ve spent years building a business, your focus is often on clients, employees, and growth. Yet one of the most important questions every owner should ask is this:

“What happens to my business if something unexpected occurs?”

That question framed a recent webinar featuring Anthony Cetrangelo, co-chair of Henderson Franklin’s Estate & Trust Planning Department, and Alicia Farman, financial advisor at Edison Business Advisors. Together, they offered practical guidance and real-world examples designed to help business owners safeguard their assets, support their families, and ensure the continuity of their companies.

Why Business Owners Can’t Afford to Wait

Anthony opened the session with a simple but powerful message: estate planning is not reserved for the ultra-wealthy; it’s essential for anyone who wants to protect what they’ve built.

“All the assets that you worked for, you want to make sure that they’re getting to the right people in the right way, without leaving a headache for them,” he said.

Anthony encouraged attendees to start early rather than postponing difficult conversations until later in life. The earlier an owner begins to plan, the more flexibility and control they retain over how their assets, business interests, and family affairs are handled. “Don’t look at it as a sad thing,” he shared. “It’s a happy thing, because you’re taking care of your family and your business on your terms.”

What a Power of Attorney Really Protects

For many business owners, a power of attorney is one of the most important but least understood documents. It designates a trusted individual to make financial and business decisions if the owner becomes incapacitated.

Anthony explained that a well-drafted power of attorney goes beyond simple legal formalities; it protects the business from operational paralysis. “There are plenty of power of attorney forms available online,” he cautioned, “but many are missing the business provisions required by Florida law. A properly drafted document ensures your company can continue to function without interruption.”

He noted that without such a document, even routine transactions such as signing contracts, accessing accounts, or authorizing payroll could be delayed when leadership is needed most.

Why a Will Alone May Not Be Enough

A common misconception among business owners is that a will alone will cover everything. In Florida, assets distributed solely through a will must go through probate, a public and often lengthy process that can complicate business transitions.

Anthony discussed the advantages of establishing a revocable trust, which allows business interests and other assets to transfer privately and efficiently. “A revocable trust keeps matters out of court and lets your trustee step in immediately if you’re unable to manage your affairs,” he said.

He also explained that a revocable trust can be amended during the owner’s lifetime, whereas an irrevocable trust is generally permanent and used primarily for creditor protection or tax purposes. The right choice, he emphasized, depends on each client’s goals and the nature of their business assets.

How Succession Planning Keeps Businesses Moving

When it comes to business succession, Anthony urged owners not to leave the future to chance. He noted that many Florida businesses operate without updated operating agreements or buy-sell provisions, leaving families and partners uncertain about what comes next. He shared,

“A common issue we see is LLCs running without a clear agreement. If ownership transfers aren’t defined, Florida’s default statutes decide what happens—and that may not align with your intent.”

Anthony explained that under Florida law, operating agreements can now include inheritance designations that take precedence over conflicting terms in wills or trusts. He also discussed the importance of funding buy-sell agreements and maintaining key man insurance to provide liquidity, allowing surviving partners or family members to continue business operations without financial hardship.

The Role of Insurance in Estate Planning

Alicia and Anthony emphasized that insurance can be one of the most effective tools in a business owner’s estate plan. Properly structured key man policies and irrevocable life insurance trusts (ILITs) can provide immediate funds to buy out heirs, pay estate taxes, or keep the business solvent during transitions. Alicia shared,

“There are multiple ways to use life insurance to support business continuity. It can be the bridge that keeps the company running while families and employees adjust.”

Anthony added that these strategies can give heirs and successors the financial breathing room they need to make thoughtful decisions instead of rushed ones.

Planning for the Next Generation

For business owners with children, Anthony recommended taking a thoughtful approach rather than defaulting to equal shares. He explains,

“Equal distribution isn’t always the best option. If one child is active in the business and others are not, you can allocate the company to the involved child and balance the estate with other assets.”

Questions from Business Owners

The session concluded with a dynamic Q&A segment. Participants asked about everything from the benefits of trusts to the tax treatment of insurance proceeds and strategies for protecting business interests from creditors or divorce.

When asked about the primary advantage of transferring assets into a trust, Anthony responded, “A properly funded revocable trust keeps the transition private and seamless. Once your business and personal assets are connected to it, your affairs stay out of court and in the hands of those you trust.”

Taking the First Step Toward Protecting Your Legacy

Anthony and Alicia closed the discussion with a shared message: estate planning doesn’t have to be overwhelming. The most important step is simply to begin the conversation.

“Just having a plan in place is progress,” Alicia said. “Working with experienced advisors ensures your documents reflect your goals and that your business and family are protected.”

For business owners, estate planning is a strategic investment in the future of your company and the people who depend on it. Those needing estate planning assistance may reach Anthony at anthony.cetrangelo@henlaw.com.

To connect with Alicia for future events, she may be reached at alicia@edisonba.com.