Entrepreneurs put their hearts and souls into their business ventures. Accordingly, many have concerns about what will happen when the time comes to consider business transitions, whether that entails passing their enterprise onto heirs or simply selling it to another party. To this end, information on business succession planning can prove invaluable.

What Is Business Succession Planning?

While you may be wholly satisfied being at the helm of your business, the future can bring many changes. That’s why business succession planning is so important. This process allows you to make arrangements for the future leadership of your operation to ensure that it remains successful. This can entail hand-picking a willing candidate to take over for you when the time comes, or transitioning the enterprise to a trusted family member or associate.

Failure to create a comprehensive succession plan can easily lead to disaster. Consider that a mere 30% of commercial ventures thrive into the second generation. This can be a matter of heirs not being invested in running a business, as well as current business owners forgoing succession planning due to concerns about future leadership. However, it’s crucial for owners to consider these issues now to prevent their businesses from going under in the future.

How Can a Business Law Attorney Help You?

A seasoned business law attorney can perform a number of essential tasks on behalf of you and your business. This includes pinpointing transition strategies that are most amenable in terms of taxes. An attorney will also help you devise a reasonable plan of attack when it comes to transitioning, as well as selecting a worthy individual for transfer of leadership. If you intend on selling your business, an attorney can advise you throughout the full process.

For more than 71 years, Zangari Cohn Cuthbertson Duhl & Grello P.C. has provided solid legal advice to clients in New Haven, Hartford CT and Providence RI.  If you are thinking about business transitions and would like to talk about succession planning, let them help you. Use their online contact form for more information. Give them a call at (203) 789-0001 to schedule your consultation with a business succession attorney today.