Business Succession Planning
Planning Protects Your Business & Employees
A Business Succession Plan protects your business and employees. For a family-owned business, planning for the future is critical to easing the transition from one generation to the next. Every small business needs to consider how the owner’s exit from the team will affect personnel, taxes, structure, and more.
If you do not have a Business Succession Plan in place, you might find your company tied up in legal turmoil for years. Such turmoil can lead to the destruction of the business itself, and more importantly, the loss of family relationships.
The Triton Legal PLC team is experienced in effectively creating business succession plans that leave the future of your company on solid legal ground. Having a plan in place helps your employees and your company find success and keeps your business moving forward.
We guide you through considering all facets of a Business Succession Plan, including:
- Carry out a comprehensive CAS (current situation analysis).
- Analyze all roles, management functions and areas of responsibility.
- Consider what your exit (planned and unplanned) means to your business’s day-to-day functions.
- What do you need to feel financially secure after leaving the business?
- How do you measure the profitability of your business?
- Determine who you need to groom to take over your role.
- Creating a good physical environment for your business eases transitions.