Even the youngest of business owners should have a succession plan. The core responsibility of an owner is to protect their business and their employees, and by failing to create a comprehensive succession plan you are failing to meet your responsibilities.
What is Included in a Succession Plan
A well written succession plan should be able to be implemented in any case in which the owner of the business is no longer able to manage their duties. This means once they retire, split with their business partners, become incapacitated, or in the case of their death. A well written plan should include:
- Whether or not to dissolve the company
- If the company is not being dissolved, who will take control:
- A spouse;
- A child;
- A partner;
- A valued employee; or
- An outside buyer
- A thorough valuation of the business and its assets
- Transfer agreements, to be made with the chosen successor
- Plans for how to make the transition as smooth as possible for employees and shareholders
Speak With a Business Succession Planning Attorney
The lawyers of Dimension Law Group have comprehensive knowledge and experience of how to best organize and implement succession plans. We work hard to keep the best interest of your business in mind when we get things in order for the proper drafting of a succession plan, and are dedicated to ensuring it’s reviewed regularly.
When you agree to work with the lawyers of Dimension Law Group you are agreeing to put you business plans in the hands of a team of experienced and committed attorneys. We will work tirelessly to ensure that your business is prepared for the future and will remain under good leadership no matter what happens to you.
If you think your business could use a more comprehensive succession plan contact Dimension Law Group to speak with one of our succession planning lawyers. We are happy to meet with you and will let you know our thoughts during your free 10 minute consultation/evaluation.