Succession planning is a process all small business leaders should undertake. Similar to estate plans for individuals, succession plans are used to address situations where there is a death, disability, or retirement of key individuals in the company. When a company is owned by just a handful of shareholders, who also act as an integral part of the business, having a succession plan in place is important. Failure to have a succession plan in place could result in unintended consequences such as an unplanned end of a successful business, and leave not only the company, but the owner’s family in an undesirable position. Some key considerations as you plan ahead for the company’s future:
If your company is evaluating its business and planning for its future, please contact us to discuss how we can assist with your business’s succession plan.
The business and employment attorneys of Dalton & Tomich take your business just as seriously as you do. Lead attorney Zana Tomich is trusted by closely held family businesses and others across Michigan as an invaluable partner and counselor. We guarantee all your calls and emails will be returned within one business day so you can focus on what you do best: running your business.
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