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Succession Planning Is Critical To The Future Of Your Business
If you have built a business, you have a vested interest in its future success. Because you want your enterprise to continue to flourish for generations to come, it is necessary to consider who will assume control upon your exit. Unfortunately, this is not as simple as merely appointing a successor – a fair amount of planning is compulsory to avoiding potential legal issues.
At our firm, Lobb & Plewe, we routinely assist business owners in designing comprehensive succession plans. We have an extensive background in serving a variety of different businesses, and our attorneys can help you create a plan that is tailored to the needs of your business.
A Well-Designed Plan Can Ensure A Smooth Transition Of Ownership
- Choice of successor and a time frame for succession: It is necessary to appoint a successor or to outline how an election process will unfold. A time frame of the current owner’s retirement should also be included, along with processes that will take place in anticipation of that date.
- Future strategies for the business post-succession: If the structure of your business will change upon succession, a plan for those changes should be added. This also applies to any potential policy revisions.
- A plan for what will happen if the owner is suddenly incapacitated: Should the current owner unexpectedly become unable to perform their duties, having a designated replacement – either permanent or temporary – can be a helpful maneuver.