I represent dozens of small and family businesses and one of the things that I see family businesses overlook is a succession plan. That is how can the company prepare for the future and live beyond the current generation. What happens when someone retires? What if there’s an unexpected departure, disability or even a passing? Having a succession plan in place before any of these things happen will ensure your business can continue operating as you intend. Plus, it can free you now to focus on your main goals for today: running the business.
There are five things every family business owner should know about succession plans:
Once you and your attorney develop a plan put it in writing through a buy sell agreement, estate plan, or other legal document that outlines the wishes of the executive team.
While there are aspects of a succession plan that need to be put in writing, a solid succession plan is not a “set it and forget it” document, but one that is continually revisited and nurtured. If you would like to discuss your family business’ succession plan needs, and how we can help, please contact me.
The attorneys of Dalton & Tomich, PLC have the experience and the knowledge to work with you to develop a legal solution that helps accomplish your goals. Our collaborative approach has helped leaders like you grow businesses and banks, develop and expand churches, and build nonprofit organizations nationwide.
In my role as Administrative Bishop for the Church of God, quite often we are faced with issues that involve local governments and municipalities. Many of these issues that arise in dealing with entities are land use related. I have found Dalton & Tomich’s experience and expertise in this area to be a valuable resource and asset in every situation.
Never one time during a year-long litigation process did Dalton & Tomich demonstrate anything other than Christ-like professionalism. They managed the legal details, while we continued to do church. How they managed themselves, managed our case, and represented our church set the table for me and our church to be where we are today.
Dalton & Tomich’s expertise and experience helped us through a very difficult legal journey, ultimately achieving a favorable outcome. Their personal interest in helping us went “above and beyond” just the call of duty.