Business Succession
Assisting with customized succession plans for Smooth Transitions.
Leveraging experience and expertise to work for you
Business succession can be an emergency situation, or it can be the culmination of years of preparation and implementation. The legal work can include a whole host of agreements and tools like backup officer designations, written policies and procedures, stock options, employee incentives, buy-sell or shareholder agreements, and more. These business agreements and the related succession planning should dovetail with estate planning documents like wills, trusts, and gifting strategies. We work with business owners and families to develop and implement customized succession plans that facilitate smooth ownership and leadership transitions, minimize disruption, maximize owner value, and preserve the personal and business legacies. Our approach is tailored to each client’s goals, whether they are planning years in advance or preparing for an unexpected transition.
Planning for a Successful Transition
Every business is different, just like every business owner. We help clients develop succession plans that reflect their vision and provide flexibility, whether that involves transferring to family members, selling to key employees, or preparing for a third-party sale. By addressing legal and operational considerations early, we help set owners up for success and peace of mind so they can take advantage of the time they have, and focus on what matters most.
Protecting the Business and Its Legacy
A successful succession plan gives confidence to owners, stability to loved ones, and security for the business. We work with clients to address ownership transfers, leadership succession, governance, and continuity planning so the business can continue to thrive while preserving the owner’s legacy and reducing the potential for disputes.
our approach
Doing the right things at the right times, knowing the business lifecycle, committing when it makes sense, and effectively allocating resources to what matters most.
Creating plans and structures that minimize disruption and promote a smooth transition of ownership and leadership.
Identifying, then protecting and perpetuating, the things that matter to the owner, inside or outside the business, so they exist before, and after, a transition.
Doing our best to make a succession plan that expects change so it will serve our clients well now, and in the future.
Joining the client’s team to provide our expertise and assist them with accomplishing their goals.
FAQs about our Business Succession Practice
When should I start planning for business succession?
You should develop and implement a plan to address emergency situations as soon as you can. That naturally leads into basic planning for long-term, controlled successions. Succession planning is most effective when it begins well before an anticipated transition, allowing time to evaluate options, prepare future leaders, and address tax, legal, and operational considerations.
What if I don't know who will take over my business?
That’s common. We help clients explore succession options, including transferring the business to family members, key employees, co-owners, or an outside buyer, and develop a plan that aligns with their goals.
Is a succession plan different from my estate plan?
Yes. While estate planning addresses the transfer of personal assets upon death or incapacity, a business succession plan focuses on how ownership and management of the business will continue during retirement, disability, death, or other transitions. The two plans should work together.
How often should a succession plan be updated?
Succession plans should be reviewed periodically, at least every 3-5 years, and also whenever significant changes occur, such as changes in ownership, family circumstances, market conditions, or leadership.
What happens if I don't have a succession plan?
Without a clear plan, there may be no transition at all. But even when a transition is possible, ownership disputes, leadership uncertainty, and business disruptions are more likely to arise and complicate or derail a transition. A well-designed succession plan helps provide clarity, continuity, and confidence for everyone involved.
