Part of your legacy as a business owner is personal for your loved ones and intended heirs, but it might also have a more public-facing component in your business. Knowing how to approach and succeed with business succession planning can initially feel overwhelming, but having a knowledgeable lawyer to help you can cut through some of the common challenges.
Whether you’re only a few years into your business or you can see retirement in the near future, it’s valuable to have a conversation around business succession planning. A Michigan business succession lawyer can help you create the roadmap that’s most effective for your intended goals so that if there’s ever an intended departure or an unexpected one that the ground rules have already been laid. This makes things easier for your employees, you, and the company because it allows for proper time to consider all the factors and decisions.
Some of the most common business succession planning mistakes include:
· Being afraid of what’s next and avoiding the creation of a business succession plan at all
· Picking a few existing candidates who might be able to take over in a forthcoming transition in a way that encourages them to compete with one another
· Simply looking at the process as your way to exit the business rather than the bigger picture of planning your legacy
· Not choosing a person to take over the reins who has a future-focused plan
For your business to survive, evolve, and thrive, business succession planning requires guidance. The right Michigan business succession lawyer can guide you through these important conversations and steps so that you feel more confident about how to proceed.
Schedule your phone meeting today- remember, our office is providing additional support in the form of discounts for those on the front lines of the pandemic. Don’t wait to schedule this conversation.