Why is Succession Planning Vital for Some Businesses?
When you spend your life building a successful business, turning over your business to family members or other insiders can be an essential part of your exit strategy. Accomplishing a successful transition generally requires implementing business succession planning. Bethesda business attorneys can help you create and implement the right succession planning as part of your business goals.
According to a U.S. Trust Bank of America Private Wealth Management study, only 40 percent of business owners that have business succession plans ever get around to implementing them. Unfortunately, many times an unexpected death or devastating disability can destroy a business unless effective succession planning is in place. Devising and implementing succession planning in the early stages of a business can avert economic disaster. Given the fact that previous business owners may still depend on the business’s continued success as an income source, succession planning also is vital for business owners to retire and maintain a desirable lifestyle. Training and grooming successors for leadership positions and working out a smooth exit strategy may take some time. Understanding the complexities of the succession planning instruments involved, such as funding revocable trusts or choosing family members as successors can be challenging.
However, experienced business law attorneys in Bethesda, Maryland can provide the necessary guidance to tailor the right plan and help you follow it through to accomplish your long-term business goals.
Bauersfeld Burton Hendricks & Vanderhoof LLC brings decades of experience to businesses, helping them expand and make smooth transitions.