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Enduring and thriving when facing a range of circumstances
Succession planning ensures your business’ ability to endure and thrive when facing a range of circumstances, both unforeseen and anticipated. It is a process all small business leaders should consider, particularly those leading family businesses.
Similar to estate plans for individuals, small business succession plans are used to address situations where there is a death, disability or retirement of key individuals in the company. The business attorneys of Dalton & Tomich recognize the critical role a well-developed succession plan can play in the long-term viability of a small business.
In working with clients to develop these plans, our first and most important step is to gain a thorough understanding of your business, your goals for it and the role key individuals play in enabling its success. This thorough understanding allows us to collaborate with you and your fellow leaders to craft a succession plan that best meets your needs.
A succession plan is an especially important part of the business plan for organizations owned by one or two individuals who also act as an integral part of the business, for example as the company’s key salesperson, rainmaker or operations manager.
A successful small business succession plan not only employs and recruits people to replace key employees, but also establishes and clearly defines what happens in the event of an emergency, unexpected loss or even a planned retirement. Succession planning can also address the delicate issues of multi-generational families working in the business, and delineate how to integrate future generations into the ownership structure or into leadership roles in the future.
Small businesses that fail to develop a succession plan run the risk of unintended consequences. This could include an unplanned end of a successful business or leaving both the company and family in an undesirable position. The business attorneys of Dalton & Tomich have assisted many small businesses in developing succession plans. We would welcome the opportunity to support you in developing your own.