Helping Clients Navigate A Course To A Better Future

Succession planning is key if you want to leave your business

On Behalf of | Feb 11, 2022 | Estate Planning

A business is only as strong as its leadership. As someone who serves as the executive or owner-operator of a successful company, you understand how important your role is for the company’s success.

You may have dozens of employees that rely on you to make the right choices for the company’s future. They would likely prefer to have job security that doesn’t directly relate to your continued ownership of the company.

Unfortunately, you never know when a car crash or a medical emergency might leave you unable to continue running your business. Creating a succession plan may be the only way for you to protect your workers and your company’s future in that scenario. 

What is a succession plan?

Succession plans are written documents created by executives and owners to ensure the continuity of business operations. Some succession plans may include details about how someone does their job or records of information that they are the only ones to know. Other times, succession plans focus more on the necessary criteria for hiring a replacement.

Your succession plan might include a description of your frequent obligations, a collection of information your successor will need and a list of suggested candidates or necessary traits for the hiring committee that replaces you. A good succession plan will help ensure not only that the company can replace you but that the person who takes over your role when you leave the company will have an easy time assuming that role and managing the business.

Developing a succession plan is important when you start a company or when you start planning for your retirement, and it may dovetail with your personal estate plan to transfer ownership of the business upon your death or incapacitation.


Client Testimonials

A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.

Highly Recommend!

Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
FindLaw Network