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Business Succession Plan

A Business Succession Plan is a multidisciplinary process providing a comprehensive and strategic approach to guiding the transition of business ownership. It is to be a dynamic document that is utilized as a guide to manage the issues of transition. When a succession plan is in place, it allows the business owner to anticipate and effectively manage change.

A successful plan must be realistic and workable and not prepared in isolation. It must involve family members, professional advisors, shareholders, partners, strategic employees, and all stakeholders in the business.

Communication, during the preparation and upon completion, is a critical component of the process. Unless all affected parties are clear about what is in the Succession Plan and have had the opportunity to participate in its preparation there will be problems. The Plan will address the issues of “When and How” transition of the businessto new ownership and management will occur.