Why Business Succession Planning Is Essential
Business succession planning is crucial because it sets up a stable future, both for the company and for family members. For many business owners, the company is easily the most valuable asset that they own. Ensuring a smooth transition to the next generation is their goal.
We can help here at Chayet & Danzo, LLC, where our lawyers have more than 20 years of valuable experience to lean on. We offer cost-effective services but are also known for our effectiveness and legal knowledge. We offer free initial consultations. Call today to meet with a Colorado business succession planning attorney.
Key Components Of Business Succession Planning
Exactly what business succession planning looks like will differ from company to company and family to family. But it’s important to:
- Identify beneficiaries who will be involved
- Consider details such as ownership percentages
- Put a plan in place to train the next generation of leaders at the company
- Address details such as financial compensation, salaries, and the like
- Consider necessary employment contracts
- Talk to potential beneficiaries to determine if they want to be involved and what their vision for the future looks like
Acting in advance is one of the most important things that a business owner can do. Often, it is a good idea for business succession planning to happen years before the transfer actually takes place. This gives the person who will be taking over a chance to learn the ropes and get hands-on training before they are expected to be in charge and make decisions on their own. This can help the eventual transition go smoothly and puts the business – and all the employees and others who may be affected – in the best position for sustained success.
Call For A Consultation
When considering estate planning, business contracts, ownership rights and many other important legal details, it can help to work with an experienced attorney. Just call us at 303-872-5980 or use the online contact form to schedule your free initial consultation.