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.
Learn more in our video about family business succession plans.
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