Now is the time to develop and implement a succession plan for your business. By doing so, you will be able to preserve the maximum value of your business while providing a more secure future for your family and key employees.
The foundation of a succession plan includes certain key considerations:
- Identify key employees to develop as leaders and ensure they are properly incentivized
- Evaluate the potential for a sale of the company to employees, family members or third parties
- Develop a contingency plan to address unwanted exits like death and disability and, if there are multiple owners of the company, dispute
- Ensure the succession plan for the business is in line with the personal estate plan of the business owners using the wealth transfer techniques best suited for the situation
Each succession plan must be carefully crafted to fit you and the company’s unique circumstances. Our business attorneys have experience in evaluating the various considerations, facts and circumstances in order to properly develop a succession plan appropriate for a specific business and its owner’s needs.