Succession
What happens to the business when I’m done?
It goes where you plan for it to go, if you plan while you still can. We help you choose who takes over and write how.
Some owners want a son or daughter to take over. Some want to sell to the person who has run the floor for years. Some want an outside buyer and a clean exit. Each path needs different paperwork, and the best ones start several years before the last day.
We work with your accountant and, where it helps, your estate planning lawyer, so the business plan and the family plan say the same thing.
What a succession plan covers
Who takes over, and on what timeline
Selling to family, employees or an outside buyer
Payment terms when the buyer pays over time
What happens if you fall ill before the handover
Letters of intent and purchase agreements
How a handover is planned
We plan it in pieces, so you can start without deciding everything at once.
- 01
Step 1: Pick the path
Family, employee or outside buyer. We set out what each one asks of you.
- 02
Step 2: Put a number on it
With your accountant, a value and a way the buyer can pay it.
- 03
Step 3: Write the steps
A plan, a buy-sell agreement and, if you sell, a purchase agreement.
- 04
Step 4: Hand over
The closing documents, the notices and a final check that nothing was missed.
Handing over the business: owners ask
How early should I start?
Earlier than feels necessary. A handover to family or staff usually runs over a few years, and taxes favor owners who plan ahead.
My child works in the business. Do I still need a plan?
Yes. Without one, the business may pass with the rest of your estate, shared among heirs who don’t work there. A plan says who gets the business and how the others are treated fairly.
Do you find buyers?
No. We aren’t brokers. When you have a buyer, or a broker has found one, we write and negotiate the sale.
Thinking about the last day already?
Then this is the right time. Tell us who you hope takes over, and we’ll quote the plan.