Succession Planning

The objects of personal succession planning are related to, though slightly different from, those of business succession planning. They are related in that they seek to address the challenges of transferring property from one person to another in the most efficient way; but they are different in that personal succession planning is intended, first, to enhance the wellbeing of the family as opposed to the business. Of course, often the two interests are aligned, and so personal succession planning is the first step in broader business succession planning.

Some people shy away from a comprehensive succession plan because the planning itself requires that they think about unpleasant issues: issues like natural disasters, death, disability, lawsuits, divorce, bankruptcies, incarceration, or retirement (among others). After all, these issues may affect you, a family member, or any one of your business and professional associates. The good new is, though, that while nothing can completely eliminate the stress or difficulty associated with these possible events, a good succession plan can dramatically alleviate the stress and difficulties. Many of our clients comment on how much they’ve enjoyed the process of putting together a good succession plan.

A good succession plan will have slightly different elements for each different person, but will generally include a will, buy-sell arrangements for business interests (usually contained in shareholder agreements or partnership agreements), a representation agreement, insurance packages, investment plans, or trust arrangements.

In putting the plan together, we work closely with your accountants, investment advisors, and other professional advisors to ensure that your interests are properly taken care of.

Please contact us for more information about our succession planning services.