Succession Planning | Strategy for the Future
Even if you aren’t ready to think about retiring from your business, your business still deserves a succession plan so it can carry on without you when the time comes. Often, these plans take longer to develop than business owners think. Learn how a business lawyer from May, Potenza, Baran and Gillespie can help you protect your company with succession planning.
Why You Need a Business Succession Plan
Surprises are generally a bad idea in business. This holds true with succession planning, as well. You don’t want to leave your business in a bind if you are suddenly incapacitated. And, if you have a family business, you never want to assume that the next generation will want to take over. It can devastate family generations when a supposed heir does not want to go into the business. Always ask, if you have a desired successor, and then formalize the arrangement by putting it in writing.
Effective business succession can take up to three or even five years to transition leadership roles. This is a strong argument for not leaving succession planning to the last minute. If your designated successor already works for your company, you will want to leave several years to evaluate the fit between your them and the role of heading up your business.
One last note: Even if you do make rudimentary succession plans on your own, things could always go wrong. A strong succession plan can account for all sorts of natural disasters that could occur at any time. You want to make sure your business has strong leadership, even if you are no longer available. An attorney from MPBG can provide you with accounting and legal advice that can help you minimize the consequences of transitions, putting your business on the path to success even after your exit.
To ensure that you have thoroughly planned for the future of your business, contact us at May, Potenza, Baran and Gillespie. We believe that planning for the future of your business is just as important as taking care of your company’s immediate needs. Life can be full of surprises. A succession plan can ensure that your company will stay in good shape.