March 19, 2019
— OFP Law, a Northern Virginia estate planning law firm, recently released a blog discussing business succession planning strategies. Whether you're looking ahead to retirement or simply ready to move on from your business, succession planning can ensure that the transition goes as smoothly as possible.
When you own part of a business, it's important to consider what you'd like to happen if you leave the business for any reason. Without a business succession plan, you may inadvertently select the wrong buyer or other successor for your company. This person can take the business in an entirely different direction than one with which you may feel comfortable. The lack of a succession plan can also make it difficult for your company to survive if you are suddenly unable to maintain your responsibilities within in. Taking the time to create a plan can help your business continue to grow, even after you're no longer involved.
Keeping the succession planning process organized will help make the transition to new leadership easier. First, establish the overall goals of the business, and use these as guiding principles for the process. Then, identify succession leaders who can take on key roles as you continue to create a succession plan. Establish policies for decision making that will ensure fair representation for everyone involved in the process. You can then select a successor that you believe is capable of stepping into the role and create estate plan documentation, which will formalize your decisions and clearly communicate them to others involved. Following these steps helps keep everyone informed of the succession plan's progress, allowing them to provide insight and support in ensuring that the plan is followed.
Contact OFP Law for more information about business succession planning. The firm's experienced attorneys can help you create a secure, legal plan that outlines your wishes and ensures they are enacted. OFP Law can also assist with bankruptcy, taxes, business disputes, corporate law and governance, estate planning, executive representation, and more. The firm can be contacted by phone at 703-215-2913 or online at https://www.ofplaw.com/. Its offices are located at 1775 Wiehle Avenue, Suite 400, Reston, VA 20190.