Every business owner has to consider succession planning options. While it might initially seem overwhelming to approach this on your own, the good news is that you don’t have to do it by yourself.
Succession plans should always be written with the assistance of attorneys and accountants because this will minimize the chances of problems with your plan that end up in court.
Your attorneys can help you consider what’s in your best interest so that you can decide whether or not it makes more sense to bring on an employee rather than a son, daughter, or spouse.
In the succession plan, your attorneys and accountants can help you put together a plan for valuing the business. This will give a roadmap to those key stakeholders involved when others are going to take over the business. If one of the heirs is to bought out, a valuation plan helps to ensure that the company won’t be hit too hard by the plan.
One key aspect of business succession planning that can’t be missed is to verify that all the information to run the company like ledgers, passwords, and products and services is stored in a place where the new company owners can access it immediately. Plenty of company owners have no other storage for this information outside of their own heads, so this needs to be put to paper.
If you don’t have a company succession plan yet, set up a time to sit down with the business succession planning lawyers at our firm to talk things over.