Business succession planning involves all necessary legal actions taken to ensure the smooth transfer of your business to a selected individual or, group of individuals, upon retirement or in the case of an unforeseen event that leaves you unable to perform the duties required of your role. Additionally, a business succession plan also ensures that there are the necessary financial resources to cover any expenses associated with the transfer.
A business succession plan should be put into place as soon as possible, and the plan should take into consideration applicable state tax laws, customer retention, training requirements for position shifts, etc.
Whether you have a small family business or a large company, business succession planning is an essential part of your business. A small family business may need succession planning as part of the owner’s complete estate plan, or a larger company may need a succession plan in place as part of qualifying for company financing. Our legal team can help you develop a plan for the continuation of your business long after your lifetime (or retirement).