Unlike corporations, small businesses and partnerships without solid succession plans often fail when the owner or a senior-level partner retires, becomes incapacitated or dies. Problems also can arise when partners no longer get along and decide to part ways. Proper succession planning is essential for family businesses in particular, which will have to either identify family members who are qualified for leadership positions or consider other contingencies beyond the family. Planning early, basing decisions solely on business needs and revisiting the plan as conditions change are the keys to a successful hand-off. You may also benefit from the counsel of a skilled small business attorney. Steps for Developing a Succession Plan There are several different strategies and options for succession planning. The following five general steps for developing a plan provide a good road map for the process:
Succession Planning Strategies We usually think of a business owner simply handing over the reins to a new owner or principal when we think of succession planning. But there are several different financial options for business owners who would like their organization to survive beyond their own tenure. Below are six such strategies for succession planning:
Free Consultation with a Business LawyerWhen you need help with succession planning for your business, call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
https://www.ascentlawfirm.com/business-succession-planning/
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