Atlanta Business Succession Planning Attorneys
Helping Business Leaders Protect Their Interests
Succession planning prepares a business for every eventuality, so the operation can continue to operate at the death, retirement, illness, or incapacity of a key member of the leadership team. A succession plan is a strategy to pass on the leadership roles in a company to ensure the enterprise transitions smoothly.
Planning to Ensure Business Survival
A business succession plan involves planning for the future by evaluating the candidates as potential replacements for key players upon retirement, disability, or death. Every business succession plan is entirely unique and may involve transferring ownership to a co-owner, heir, key employee, outside party, or distributing ownership to the remaining owners.
Family-Owned Business Succession Plans
Family-owned businesses should have a succession plan in place to avoid certain pitfalls that could damage or destroy the operation. Planning should address the potential of stock ownership of a spouse if a family member is divorced or dies.
If you are planning on passing the ownership of your business to an heir, several issues should be evaluated:
- Determine which family member will take the reins.
- Ensure written instructions are in place on which family member will take over, and how your other heirs will be compensated.
- Create a buy-sell agreement that can allow any heir not interested in the business to sell their shares back to family members who are involved.
Corporate Business Succession Plans
For larger corporations, a business succession plan involves hiring, training, and identifying candidates that can rise through the ranks, along with grooming them for executive positions in the future, a powerful strategy for retaining top talent.
Atlanta Business Succession Planning
A business can fail when a key employee retires, quits, becomes seriously ill, or dies. Putting a plan in place with this eventuality in mind is critical to the continued success of your enterprise.