Business Succession Plan: Important Documents to Consider!

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

It's very important to look at your formation documents. If you are a limited liability company, we would like to look at your operating agreement. We would also like to look at your organizational chart that deals with the departments, the people, how your business is run, and who the key people are.

More questions

Is there a human resources component? Is there a way of gathering new talent or a database of talent, even if you are not trying to replace anyone? What kinds of resources will you put in place so you're not scrambling if you get an unexpected announcement that someone is going to a competing firm? What is in place in case one of the business owners should meet with an unexpected injury or even death, or should become incapacitated?

We also want to look at your business structure and at the valuation of your business. These are the starting documents that need to be presented when you come to speak with an attorney or someone else to craft your business succession plan.

About the Author

Winifred "Wini" Cannon

Winifred “Wini” Cannon knows how business owners may be impacted when retirement, incapacity, or death occurs without a good plan in place. One example that is very common is in the instance where one partner dies leaving the other trying to stay in business complicated by the...


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