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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 and succession planning 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 thoroughly understand your business, your goals, and key individuals’ role 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, such 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 lack a succession plan run the risk of unintended consequences. This could include an unplanned end of a successful business, leaving both the company and family in an undesirable position. The business law 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.