Business Owner Succession
Independently owned businesses and privately owned businesses often have a single or few owners. Unfortunately, few of these types of businesses have a succession plan in place. While owners may have plans in place in the event that one of the owners should pass away, but what happens if you want to retire or just pass the business along?
That’s where a trust or business attorney may be able to help, and your first stop should be TrustAttorneyOnline.com. Our site features local, experienced attorneys. If you have questions, we have answers, and your first step should be to reach out to us so that we can connect you to someone for help.
Why Do So Few Businesses Have a Succession Plan?
Business ownership may be a dream for many, an opportunity to create a legacy. Perhaps you want to involve, train and eventually pass that legacy on to family members or employees. Many business owners know their business, but when it comes time to create a succession plan, they don’t know where to begin. This critical business term is frequently considered a hindrance, taking valuable time and attention that would be best spent in their business. A trust or business attorney can help you maximize the opportunity to create a succession plan, ensuring you create a multi-generational institution that embodies your family’s values and mission, continuing to do so for many generations to come.
Management Succession Plans
Most succession plans are within families, but in successful businesses, a managerial succession plan may be in order. This type of business plan generally entails identifying and developing a managerial structure from within, as key employees mature into leadership positions. Your management succession plan may be more crucial to your long term vision than you believe, especially if you want to retain some control after you hand off some operations management responsibility to your management team. At TrustAttorneyOnline we work with you to draft the best succession plan for you and your business.