Address1100 Summer Street, Stamford, CT 06905

Phone203-359-2047

Subscribe to this list via RSS Blog posts tagged in succession plannning

Norwalk business law attorney succession

If you own a family business, you may not have ever given much thought to succession planning. You may intend to pass the business down to your child, grandchild, niece or nephew, or another relative, so you assumed that succession planning was not necessary. While handing down a business to a loved one may seem like a straightforward process, there are countless issues that can arise that will hinder your company‚Äôs growth and continued success. The best way to ensure that the transition goes as smoothly as possible is to create a detailed succession plan well in advance of your successor taking over.

It Is Never Too Soon to Start

You may not be planning to retire or transfer ownership of your business for several years or more. However, it is never too soon to start building your succession plan. As your business evolves and grows, your succession plan can be modified accordingly. Keeping the eventual transition in mind helps ensure that you are currently making choices that will allow the business to flourish under new owners in the future. Including your family in the business succession planning process can help ensure that everyone is on the same page and prevent disputes in the future.  

...
Back to Top