What happens to your business if something happens to you? And if you plan to sell one day, how early should you start preparing?

In this episode of the Carolina Business Leaders Podcast, we sit down with attorneys Phillip Martin and David Thompson of Merline & Meacham to break down the legal planning every business owner should be thinking about long before a crisis—or a sale—is on the horizon.

We discuss why a business is often an owner’s largest asset, the estate planning documents entrepreneurs should have in place, how operating agreements can prevent costly disputes, and what can happen when a business owner dies or becomes incapacitated without a succession plan.

Phillip and David also share practical advice for owners considering buying or selling a company, including why clean financial records matter, when to bring attorneys and advisors into the process, the risks of signing an LOI too early, and why the best time to prepare for a sale may be years before you actually want to exit.

In this episode:

• Why estate planning matters for business owners

• Wills, powers of attorney, operating agreements, and other key documents

• What happens to a business when an owner dies without a plan

• How to begin succession planning

• Preparing your company for a future sale

• Why clean books can make or break an acquisition

• When to involve attorneys, CPAs, financial advisors, and M&A professionals

• Common estate planning myths

• The most overlooked legal document for business owners

• Career and professional advice for young entrepreneurs

Whether you’re building a company, preparing to pass it to the next generation, or thinking about an eventual exit, this conversation provides a practical framework for protecting what you’ve built and planning for what comes next.