As a business owner and a successful entrepreneur, you have probably thought a lot about what you will leave behind. Naturally, you want to make sure that your family and the work you have done will live long into the future.
In the event you are no longer able to serve your role at your business, such as in the event of your passing or becoming incapacitated, you will want to be confident that your business and your legacy are in good hands.
Decisive and well-documented business succession planning is a crucial and often overlooked step by many business owners. With the help of an experienced business succession planning attorney, you can be confident that your business will survive the unthinkable.
After you have formed your business entity and you have taken all of the necessary steps to protect your current business operations (such as legal agreements, necessary insurance, and protection of intellectual property) we will then shift the focus towards protecting the future.
Any good business plan needs to take into consideration the eventual exit of the owners and other key stakeholders. This exit could be due to selling the business at a certain point, stepping down due to illness, or passing the business on after your death. Each of these scenarios needs to be considered and well planned out long before the event occurs. This will ensure that when it comes time for the business to be passed on, the succession will take place as smoothly as possible.
We will work together to determine what steps need to be taken right now to protect your business, the work you do, and the wellbeing of your clients no matter what may happen to you down the line. These are important and often emotional considerations but we have the experience necessary to make sure your legacy is fully protected.
The sooner you can begin working on your business succession plan, the better off you will be. The questions you will need to ask yourself during this process are not simple and they will take some careful deliberation. Additionally, many of the pieces of your plan may take some time to put into place. In order to protect your future and the future of your business, you need to start as soon as possible.
Give us a call today for a free consultation to understand more about business succession planning and how you can protect your legacy.
Writing a business succession plan is more complicated than most business owners anticipate. First you will want to determine your goals for the company and then figure out how to best ensure those goals are achieved even if you are not around to oversee the operations. Working with an experienced business succession planning attorney will help make sure that your succession plan is complete and your legacy will live on.
Since each business and organization is unique, no two business succession plans will be the same. In general, most succession plans should at least include a succession timeline, standard operating procedures, ideal successors, and a valuation of the business.
A business succession plan is vitally important for any successful business. Here are a few of the many reasons why you should consider creating one for your business:
A good succession plan will help your business survive an unforeseen event (like the death or incapacitation of an owner)
Creating the plan will get you to start thinking long-term about your goals for your business
If you identify successors early on, you will have the ability to train and prepare them for the role