Do you need a Business Succession Plan?
Maybe you have taken all of the necessary steps to protect your personal assets. You have drafted a Will or Trust, you have a Power of Attorney, you keep your Will updated. You have done a lot to protect your family and legacy, but have you decided what will happen to your business if something should happen to you? Developing a Business Succession Plan will save your family and employees a lot of avoidable problems.
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Here are a few provisions to think about when drafting your Plan
- A vision of how your company will proceed without you
- A list of people who will take lead when you step down
- A complete list of all business leaders
- Information about how disputes regarding the plan should be handled and by whom
- A timeline of putting each part of the plan into place