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Plan now for a seamless business succession transition

On Behalf of | Dec 21, 2021 | Estate Planning |

No matter what your age or stage in life, if you are the owner of a successful business, a well-crafted business succession plan should be a priority. Without this vital document in place as a blueprint to preserve business continuity, your business could suffer major losses upon your death or incapacity.

One of HBO’s hottest shows is Succession. The show follows the plottings and betrayals of the fictional Roy family of billionaires. The patriarch, Logan Roy, is the owner of the media giant Waystar Royco. He refuses to surrender control or name a successor to the mega-company. Meanwhile, his four dysfunctional adult children plot, betray and backstab each other in their quest to take over the reins.

While that makes for great entertainment, it presents a miserable picture of real-life dysfunction that can sabotage a company’s future needlessly.

2 plans are ideal

Companies require both business continuity and succession plans. The first identifies the essential elements of the business and positions the company to continue its operations even during disruptions. The latter details each granular step in the transition of power from the present owner to the designated successor. When done correctly, the transition can be seamless because any bumps in the road have been identified and addressed.

Make the hard decisions now

Nobody wants to confront their own mortality, but a business succession plan doesn’t have to be linked to your death — although every business owner’s estate plans should take business succession into consideration. However, many corporate heads anticipate exit strategies that will allow them to take a backseat to operations prior to their actual exit.

Given that life comes without guarantees, it is prudent to take the steps necessary to protect your business from upheaval and disruption when you are no longer at the helm.


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