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.