The Law Office of Bernard T. Kennedy III
The Law Office of Bernard T. Kennedy III
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Glossary

Business Succession Planning

Learn more about small business services

What is Business Succession Planning?

  

Business succession planning facilitates the transfer of ownership and control of a business from one owner or group to another. 


At its core, business succession planning aims to ensure the continuity of the business while minimizing disruption to operations. 


Six Elements of a Business Succession Plan

A business succession plan typically includes the following elements:


1. Identifying critical personnel — Acknowledging the essential individuals to the business' success and determining their roles in the succession plan.


2. Outlining business objectives — Establishing the goals and objectives of the business, including financial goals, long-term growth plans, and any other objectives that may impact the succession plan.


3. Preparing an executive plan — Generating a plan for transferring management responsibilities, including naming potential successors and providing them with the necessary training and support to take over the business.


4. Producing a transfer plan — Forming a plan for the transfer of ownership, including determining the value of the business, structuring the transfer, and addressing any tax implications.


5. Classifying potential risks and contingencies — Pinpointing any potential risks and contingencies that may impact the succession plan, such as the death or disability of key personnel or changes in market conditions.


6. Reviewing and revising the plan —Regularly appraising and renewing the succession plan to ensure it remains relevant and effective in achieving the business' objectives.


What are the Advantages of Having a Business Succession Plan in Place?

  Below are a few fundamental advantages of having a business succession plan.


  • Control — A well-crafted business succession plan allows the business owner to maintain control over the business transfer.


  • Financial Security — A business succession plan can provide the business owner and their family with financial security by ensuring the value of the business is preserved and transferred as intended.


  • Minimization of Taxes — Developing a business succession plan is a proactive approach that can effectively mitigate the tax burden on the business and its owner.


  • Protection of the Business — A business succession plan can protect the business from potential legal disputes and challenges that could arise.


  • Stability — A business succession plan keeps the business running smoothly by ensuring a clear strategy. 


Don't Delay.

Prepare your business succession plan today.

Contact The Law Office of Bernard T. Kennedy III to Get Started

The Law Office of Bernard T. Kennedy III

Estate Planning  |  Intellectual Property  |  Probate Administration  |  Small Business  


Legal consulting you can count on 

PO Box 291, Branford, CT 06405

203.889.5346 connect@btk3law.com

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08:30 am – 05:30 pm

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