Business Succession Planning
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Putting a Succession Plan in Place: Ensuring Business Continuity and Cementing a Legacy
Are you considering business succession planning? Trust Perigon Legal Services for a smooth process. Connect with us for guidance tailored to your needs.
Do you own, co-own, or manage a business? A business owner or partner’s untimely death or retirement can create chaos when there’s no succession plan in place. Fortunately, you can use estate planning tools to protect the company’s future.
Through business succession planning, the company can continue to grow while preserving harmony, reducing or eliminating income and estate taxes, and retaining control over its affairs. For family corporations, business succession planning could preserve family wealth and promote peace and harmony.
Our lawyers at Perigon Legal Services have experience and comprehensive knowledge of estate law and succession planning. We have helped companies across Georgia ensure a smooth leadership transition following a death or retirement. Learn more about business succession plans in this comprehensive guide.
What Is Business Succession Planning?
It is the process of putting in place a succession plan that determines who will take over the company and what type of business entity those who take over will run.
Succession planning also includes selecting crucial positions in the organization and establishing a talent pipeline. Employees (or family members, in the case of family corporations) are groomed to fill vacancies in the company as others retire or move on. The successor must have adequate knowledge and abilities to cover the vacancy while waiting for the permanent placement.
Having a will can affect your business and may complicate matters, especially in the absence of a dedicated business succession plan. An estate planning attorney can advise you on ways to avoid probate, minimize taxes, and preserve wealth for your family’s future.
Identifying Roles and Potential Successors
One of the most crucial steps in the business succession planning process is identifying potential successors.
There are different ways to find the right people for the job. Leaders can nominate key employees, or they can be invited to express their interest. Maintaining transparency in the selection process is important to cultivate equity and trust.
The company should establish qualifications for potential replacements, such as:
Consistent high performance
Has a measurable positive effect on the business
Respected by colleagues, customers, and managers
Adapted to the company culture
Exemplifies the company’s values
Willing to innovate and improve their functional area
Many companies that have failed to create a succession plan ended up selling their business at a loss. Get advice from a seasoned estate planning attorney for the proper guidance.
Strategies for Effective Succession Planning
The Role of Legal Support in Succession Planning
Perigon Legal Services Can Help
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