The Importance of Digital Asset Succession Planning for Small Businesses

Journal of Financial Planning 27 (9): 54-62. September 2014

10 Pages Posted: 3 Dec 2014

See all articles by Jamie Hopkins

Jamie Hopkins

The American College

Ilya A. Lipin

PriceWaterhouseCoopers LLP

John Whitham

The American College

Date Written: September 1, 2014

Abstract

The digitization of business assets has created a new challenge for the development of succession plans for small business owners. Without a well-defined and managed succession plan that considers digital assets, these valuable business intangibles may perish resulting in irreversible damage. This paper defines digital assets, identifies types of digital assets used by small business owners, and expands upon traditional challenges faced by small business owners who must now account for digital assets in succession planning. Guidance is provided on how to create a successful digital asset succession plan for a small business with current legal mechanisms and best business practices.

Keywords: internet, digital, assets, law, legal, money, wealth, death, estate, succession, planning, business, small

Suggested Citation

Hopkins, Jamie and Lipin, Ilya A. and Whitham, John, The Importance of Digital Asset Succession Planning for Small Businesses (September 1, 2014). Journal of Financial Planning 27 (9): 54-62. September 2014, Available at SSRN: https://ssrn.com/abstract=2532557

Jamie Hopkins (Contact Author)

The American College ( email )

Bryn Mawr, PA 19010
United States
610-526-1441 (Phone)

HOME PAGE: http://www.theamericancollege.edu/why-us/faculty/jamie-patrick-hopkins-esq.-j.d.-m.b.a

Ilya A. Lipin

PriceWaterhouseCoopers LLP ( email )

1301 Avenue of the Americas
New York, NY 10019
United States

John Whitham

The American College ( email )

Bryn Mawr, PA 19010
United States

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