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Succession Planning

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.

Call 785.233.0593 today for help with your Succession Planning needs.

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