As a business owner, you understand the value of preparation. An untimely death or an eventual retirement can spell turbulent times for your business if there is not a proper succession plan in place. Our firm can work with you to craft a plan that will avoid potential legal problems down the road. A few items that we believe are pivotal to any succession plan include:

• 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.

Our firm acknowledges that the succession planning needs of each business are different. If your business is family-owned, there can also be additional layers of planning that call for attention. Because our lawyers are well-versed in this area of business law, we can accommodate the nuances and challenges that your situation may present