Business succession is the passing of a business and its owners and managers from an older generation to a younger one—generally to the former owner's children. Due to the unique challenges involved, business succession is a separate area of business law. Business transactions, on the other hand, involve bringing in new personnel to head the operation. 

How Are Business Succession & Business Transactions Different?

Business transactions are typically a rather straightforward process that start with a negotiation and end with signatures and a shift in operations. While these transactions can be quite long, and the implementation can come in several stages, the issues that are primarily associated with this area of business law are profit, logistics, and legal obligations.

But in business succession, the most effective transitions require detailed, advanced planning and utilizing an extensive knowledge of many legal areas, including business law, estate planning, taxes, and employment law. To further complicate the process, because emotions run high in business succession, disputes are rather common.

For a successful business succession, you'll need the help of an experienced lawyer. The sooner you start planning, the more smoothly your succession will go.

Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, Hartford, CT  and Providence RI, provides counsel and representation in business successions. They pride themselves on having maintained positive relationships with clients through as many as four generations of management, facilitating smooth transitions and resolving disputes. Contact them at (203) 789-0001 for help with your business succession, or request a consultation online.