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Why should I consider succession planning for my company?

When starting a business in Fort Mitchell, it is crucial for entrepreneurs to consider every possible situation. A business is one of the biggest assets an entrepreneur has. A carefully drafted succession plan can help prevent difficulties and legal issues that can arise with the transition of ownership due to death, disability, serious illness or retirement. 

Many business owners are focused on doing what is necessary to make their companies competitive and forget about succession planning. According to Nationwide.com, out of every five small companies, only three of them have business succession plans in place to protect them. Here are some things small company owners should consider about business succession planning. 

Do not wait too long

Many business owners put off succession planning. They may not want to think about their deaths or inability to run their companies. Life is full of unexpected events that can happen at any time. Plans must be in place before a classifying event occurs to lessen the number of challenges and complications that can occur when a change in ownership is necessary. 

Get professional help 

Succession planning is not easy. Business owners should evaluate their situations and businesses to determine who they should seek out professional help from. The wrong plans and missing details can invalidate portions or entire succession plans. Many successful entrepreneurs find it beneficial to work with attorneys, financial advisors and accountants. 

Review and revise as necessary 

Businesses are always growing. Their needs change from day-to-day. So do the personal needs of the owners. Tax laws and regulations are ever changing. Entrepreneurs should revisit their succession plans frequently and revise them as needed to address company management, ownership and governance needs and individuals who are to take on those roles. 

It takes a great deal of effort to tackle succession planning. Without the right resources, strategies and knowledge, things can become complicated, and business owners stand to lose all they have worked hard to build. Business succession plans can give them more control over what happens to their companies when life events occur that are beyond their influence.

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
2500 Chamber Center Dr. Ste. 203
Fort Mitchell, KY 41017

Phone: 859-781-9100
Fax: 888-456-9179
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Call : 859-781-9100