Succession Planning: Helps Ensure the Ongoing Success of Your Small Business



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

happens.  


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.