NJ business succession planning Attorney
Business succession planning
the difference between security and uncertainty
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important things you should know
Questions And Answers
Even with a new owner or leader already selected, there are a few key points that you should consider as this decision affects not only you, but everyone else in your company as well. Here are some issues that you should look over even if you have a specific individual in mind for taking over your business:
- You wish to appoint a loved one or family member to take over your company, but will this decision impact your business partners or managers? What if they oppose your choice?
- You have decided to sell your portion of the business to its co-owners, but how will your former shares be allocated and what effect will this have on your family?
- You are considering a new entrepreneur to take over the business, but will your employees’ jobs and benefits be protected under new leadership?
Morgan Legal group
Choosing a successor might not be enough
Some business owners forego drafting a business succession plan because they have already selected an individual they trust to take over their business. However, even with a competent, reliable person to take command, there are several key issues that need to be planned out before the transition of ownership takes place. Neglecting to address the following points could negatively affect your business in the future:
- Who will comprise your new management team?
- How will major decisions be approved?
- How will junior employees be affected?
- What implications may arise from tax or revenue sharing?