Key Business Succession Issues

Relevant For:

Business owners planning for succession.

Key Points:

• Identify a suitable successor — child, key employee, or external party.
• Develop a detailed succession plan: timeline, ownership transfer, roles.
• Ensure successor meets milestones; consider 'Buy-Sell' Agreements.
• Plan financing: cash, shares, debt; consult advisors for tax implications.
• Use the transition to restructure and update business documents.
• Update personal estate planning post-transfer.

Full Article:

Business succession planning is essential for ensuring a smooth transition of ownership and protecting your hard-earned assets. Here’s practical advice on key aspects of business succession: