The law provides a business owner with a great deal of discretion as to how his or her business should continue well into the future. The law provides you with, among other rights, the ability to appoint successors, assign responsibilities and rewards, contract on behalf of your business or appoint those who you wish to take on responsibilities.

A business succession plan is a legally binding document, or series of documents, that provide the groundwork for how you desire your business to continue to operate, grow, and thrive over time. A succession plan is also imperative for your business if your business goal is to continue to operate your business under different leadership. This type of planning is also especially helpful if retirement plans are in your future but you still wish to assert some semblance of control as to the operations and the future of your business creation. It is also helpful if you plan to sell your company and retain a percentage of revenue through a partial or full buyout. Business succession planning is yet another way to protect your idea, your business, and your financial future.

A good business succession plan will allow you to step away from the day to day operations of your business with the knowledge that your wishes are properly documented and will be legally binding on your successors. It will also help ensure that your business model is followed and that your revenue stream is protected. A good succession plan can save you countless hours of time and heartache. It will protect your business from many of the inevitable changes that arise over time.  A little planning, clarity, and documentation of your wishes will go a long way is ensuring your continued security as transitions arise.

If you don’t have a business succession plan or want to look at your existing documents to know they give you the protection you need, Call DGG Law today to discuss your concerns and goals.