Updated: Mar 17, 2020
In any business, but especially in family businesses, it can be difficult to think about the potential conflicts or disagreements that could come up in discussing succession planning.
But the fear of these potential conflicts could make it all the more likely that the lack of a plan influences the very stability of your company in the future.
While setting up succession plan for your business can be complex due to internal family or long-term employee relationships, it’s important to consider the cost of avoiding getting help. Fewer than one third of family owned businesses will survive the transition from founder to second generation.
Whether you’re planning to pass things on to your children or to other employees within the company, it’s a good idea to sit down with your Michigan succession planning attorney at least 5 to 10 years in advance of when you hope to retire.
But this shouldn’t be your only opportunity to discuss your succession plan with a lawyer. You might have to leave the business unexpectedly due to disability, divorce or for some other emergency situation well in advance of your planned retirement date.
Not having methods in place with which you can easily exit should you need to do so can make things much more complicated for your employees, your family members and even for the future of the business. Schedule a consultation with an experienced Michigan succession planning lawyer today.