A great succession plan will keep your business operation running smoothly regardless of changes in ownership, retirement, death, or any other event that comes with running a successful company. It is easy to put this kind of planning off for another day and focus on the immediate needs of the business. However, unexpected changes that have not been properly prepared for can destroy a career’s worth of profitability. It’s been said that great leaders are not missed because they leave behind a system that can function without them. This is what succession planning is all about.
Your business structure will have an effect on your succession plan. If you own a sole proprietorship, you might have more options than if you have a partnership. Regardless of the structure, a successful plan will determine if the person or persons left in charge of your company are willing and able to do the job. The Smith Firm is well versed in setting up trusts, drafting and executing buy-sell agreements, and creating strategic ways to minimize tax burdens that often hamper every business transaction. Let The Smith Firm work for you to keep your company in the right hands after your time in the front office has come to an end.
