Business Succession Planning

A business succession plan allows a business owner to hand over their business in the event of the owner’s exit due to retirement, disability, death, or other reasons. Having a business succession plan in place allows the business owner or owners to control what happens to the business rather than relying on state law.

 

In the event of a death or disability, without a succession plan in place state law steps in to determine a company’s future. It’s vital to build a succession plan that addresses disability, mental impairment or death - including the establishment of leader and owner roles, with a plan for an orderly transition.