Business Succession and Estate Planning

Business Succession and Estate Planning

You have a well-spread business-empire, which you have been leading for years. At some point in time, you’re likely to take retirement from it all. Are you concerned whether your business will continue to prosper in your absence?

Succession Plan

At first you need to sit down with your will and lawyers and discuss the future of your business setup and let them know what is it exactly that you have in mind, regarding the future of the organization. This will help your team of lawyers know and understand what you’re looking to extract from your business succession plan.

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Meanwhile you will also need to convene a meeting with the seniors of your organization, to discuss the prospects, and the credibility of the candidate who is likely to take over the reins from you, when you retire from active business. Only after you have had discussions with the two parties, you will be able to make a final call on the future of the organization.

The Clauses

A succession plan is likely to have a number of clauses. Just because you’re handing over the responsibilities over to a successor does not mean that you will call quits entirely.

As the boss, it is your call whether you would like to remove yourself completely, or remain in power albeit only partially – or perhaps just on namesake basis. Many business-owners have business partners, and there is an arrangement between the two parties, wherein one of the assumes the backseat, while the other comes forward.