Business succession planning is a sequence of logistical and financial decisions about who will take over your business upon retirement, death, or disability. A succession plan can help reduce headaches, drama, and monetary loss as your business copes with a transition caused by an unexpected event such as death or disability. A succession plan makes it clear who will take over the business, reducing potential disputes between the parties involved.
In the event a purchase is involved, the sale price and purchase terms would be clearly established, relieving some of the stress for not only your loved ones, but your partners and employees.
Here at Harbour Business Law, our team can help guide you through this process and assist you in determining how to best protect your business should an unexpected event occur.