Succession Planning: Helps Ensure the Ongoing Success of Your Small Business
Updated: Aug 26, 2022
Protection of assets. It’s what most people want to ensure after their death so that
loved ones inherit the assets you entrust to them. The same holds true if you own a
business. Unless you have a plan to deal with the unexpected, the business you worked
so hard to build could crumble if you become disabled, die, get divorced or decide to
split with your business partner.
It’s a valuable asset that needs a succession plan to ensure its continued success. A good
succession plan can help facilitate the transfer ownership when the time comes, provide
for your heirs financially and prepare the business to handle unexpected events.
At the office of Hammelman Law, we’ll help you develop a succession plan that works
for your business. Some questions to consider:
1. Decide how to exit your business: Do you want to transfer the business to your heirs,
have your partner buy you out, or sell it to an outside buyer?
2. Conduct a business valuation: A business valuation is a formal process to estimate
the value of a business, which can be very helpful in several ways – to develop your
retirement income strategy, to get a broader understanding your business’ resale value,
and to make it easier for potential buyers to secure loans.
3. Revisit the plan regularly: Over the years, things could change. Employees may leave
your business, family members may lose interest in taking the reins, and your own plans
for your future may shift. Reviewing your succession plan annually will help ensure a
successful and seamless transition — no matter when or under what circumstances it
At Hammelman Law, we want to help you create a succession plan that gives you peace
of mind for the business you’ve worked so hard to build. For more information on our
services, give us a call today.