Business Succession Planning
Business Succession Planning involves:
- Reviewing the ownership structure of the business
- Identifying the likely persons to take over control in the event of the demise of one or more of the owners
- Preparing buy-sell agreements
- Providing insurance for purchase of partnership interests
- Ensuring stability and continuity of business operations
Proper planning is vital to the ongoing success of any business. The same time investment that is required to plan for a successful startup is needed to define how the owner will eventually end their relationship with the business. Will the business be terminated, sold, or ownership transferred through a structured buyout? Will ownership go to a family member groomed to take-over or another employee not related to the owner?
Important details need to be put in place upfront, rather than later, to ensure a smooth transition for your business. Call the Law Office of Lynn to put a plan in place now to protect your financial interests, and to make sure your wishes for your business are carried out as planned when the time comes.