How do I begin the process of business succession planning?
By: Jennifer Denchak Wetzel, Esq.
The failure of many businesses to properly transition to the next generation is directly attributable to topic avoidance, rather than the selection of the wrong alternative. Feeling overwhelmed by the process, the fear of losing control, and the uncertainty of the legal and financial consequences of retirement and succession, are often the chief reasons for failing to address the issue. Rather than expecting a succession plan to automatically implement itself, which rarely occurs, the first step should be contacting an attorney with succession planning experience who can help you assemble a team of consultants to assist with the development of a succession plan. There is more than one way to successfully transition a business. Your team of consultants can help you to analyze the tax and legal consequences of specific plans and then select the one that best fits your circumstances and goals. Since a succession plan may take years, or even decades, to implement, the earlier the process is started, the greater the likelihood of successfully transitioning your business.
The attorneys at Mette, Evans & Woodside have extensive experience in the design and implementation of business succession plans.