Devising a business succession plan is never easy. When attempting to do so, small business owners must find a balance between ensuring the success of their company and doing what’s best for their family. Fortunately, there are many resources available when drafting a comprehensive succession plan. At the end of the day, though, your most valuable resource will likely be a business law attorney. Below, the legal team at Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT, shares a few questions they can help you answer when drafting your plan.

What to Ask When Drafting a Succession Plan Under Business Law

1. Do I Want the Business to Stay in the Family?

Some small business owners want nothing more than to pass along their company to their loved ones. If keeping the business within the family is important, this needs to be a primary consideration when devising a succession plan. If, on the other hand, you prefer to sell the company and use the proceeds to provide for your family, the business succession plan should state as much.

2. When Should I Transfer Control?

Regardless of if the company is going to be handed down or sold, you need to devise a timeline. Transferring a company to loved ones is a lengthy process that you ideally have several years to prepare for. Likewise, selling the company requires some advanced planning, especially when it comes to tracking finances. A comprehensive accounting system should already be in place, but it needs to be especially thorough if sell the company within the next few years is the goal.

3. How Can I Ensure the Continued Success of My Company?

If you envision the company serving clients for decades, determining how to set it up for success even after you are gone is crucial. In addition to leaving the business in capable hands, there needs to be room to grow and evolve within the changing marketplace. 

If you need help drafting or implementing a succession plan, turn to the business law team at Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT. Serving clients throughout New England, this firm is dedicated to providing quality counsel on all kinds of legal issues. To learn more about their broad range of practice areas, visit their website. To schedule an initial consultation with a business law attorney, call (203) 789-0001 today or visit one of our 3 locations New Haven, CT, Hartford, CT, and Providence, RI.