Just as important as beginning a new business, is the plan for how the business will continue in your absence. Succession plans can provide a number of important benefits – retain key employees, reduce tax burdens, and maintain the value of stocks and assets during a management or ownership transition. Succession plans may also prove valuable in allowing a business owner to retire in comfort and continue to provide for family members who may be involved with the company. Goodell Stratton Edmonds & Palmer LLP's expert attorneys will assist in:

• Establishing a formal policy regarding family participation in the business

• Providing solid work experience for all employees, to ensure that succession is based on performance rather than heredity

• Creating a family mission statement based on the members’ beliefs and goals for the business

• Designing a leadership development plan with specific job requirements for the successor

• Developing a strategic plan for the business

• Making plans for the preceding generation’s financial security

• Identifying a successor or determining the selection process

• Setting up a succession transition team to keep decision-makers informed about their role in the changes

• Completing the transfer of ownership and control

 

Our specialist in this area is Miranda K. Carmona.

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Call 785.233.0593 today for help with your Succession Planning needs.