I represent dozens of small and family businesses and one of the things that I see family businesses overlook is a succession plan. That is how can the company prepare for the future and live beyond the current generation. What happens when someone retires? What if there’s an unexpected departure, disability or even a passing? Having a succession plan in place before any of these things happen will ensure your business can continue operating as you intend. Plus, it can free you now to focus on your main goals for today: running the business.
There are five things every family business owner should know about succession plans:
Once you and your attorney develop a plan put it in writing through a buy sell agreement, estate plan, or other legal document that outlines the wishes of the executive team.
While there are aspects of a succession plan that need to be put in writing, a solid succession plan is not a “set it and forget it” document, but one that is continually revisited and nurtured. If you would like to discuss your family business’ succession plan needs, and how we can help, please contact me.
Learn more in our video about family business succession plans.
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The business and employment attorneys of Dalton & Tomich take your business just as seriously as you do. Attorneys Zana Tomich and Noel Sterett are trusted by closely held family businesses and others across Michigan and Northern Illinois as invaluable partners and counselors. 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.
Having worked with Zana for 10 years, I can attest to her professionalism, her pragmatism, and most importantly, her integrity. I always get sound, thoughtful advice and guidance. From routine filings & updates to the highly unexpected, Zana’s there to help, always responding quickly and […]Read More
We highly recommend Dalton & Tomich! As a start-up firm that has rapidly grown across the country in under 5 years, Dalton & Tomich has been integral to our sound, credible, and excellent in standard infrastructure. As we’ve scaled, Zana has been right by our […]Read More
As a professional photographer in the wedding industry, reliable communication is very important to me. Noel was very knowledgeable and quick to respond to all of my questions and not just that, he also gave me suggestions when reviewing and updating my contract. The entire […]Read More
Zana’s expert guidance has helped us to move forward with clarity and confidence in our business endeavors. She helped us create a new business entity, and a few years later to navigate a tricky buyout—all with a clear path forward for business growth. Her calm […]Read More
Noel’s guidance was much appreciated when redrafting my client contract. He was very professional, respectful of my time and potential costs, and was sincere with his advice. I trusted that he had the highest good for my business in mind. I will seek out his […]Read More
Zana’s expertise in employee law has helped us refine and build a stronger operations and hiring strategy at my company. As a business owner of a small and fast growing company, I very much appreciate Zana’s ability to always step into any situation quickly and […]Read More