If you own a small business, the thought of someone else running it might seem incredibly foreign. At some point, though, you will either need to sell the company or implement a business succession plan. Succession planning is a great way to keep the company in the family—as long as you do it right. Below, the business law team at Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT, shares a few common mistakes to avoid when planning for the future.

3 Business Succession Mistakes to Avoid

1. Failing to Give Yourself Adequate Time

Business succession planning is complicated, and you need to give yourself plenty of time to both devise and implement a comprehensive strategy. Once you determine your personal and professional objectives, an attorney will help you put a plan in place that will ultimately allow you to achieve them. Ideally, you should implement the beginning stages of your business succession plan three to five years before you foresee leaving the company.  

2. Failing to Communicate With Your Loved Ones

If you want to keep the business in the family, you need to maintain open lines of communication with your loved ones. You cannot expect everyone to agree all the time, but that does not mean you should avoid asking for your family members’ insight regarding the future of the company. Even if they disagree with you, it is essential that you know where everyone stands so you can plan accordingly.  

3. Failing to Keep Emotion Out of It

Things sometimes get complicated in a family business, but as long as you make an active effort to approach the company in a purely practical way, you can avoid future disputes arising from emotional conflict. Make it clear that you expect everyone involved in the succession plan to approach the company in the same way, so the proceedings will remain drama-free.

If you need to devise a business succession plan, but you’re not sure where to start, turn to Zangari Cohn Cuthbertson Duhl & Grello P.C. in New Haven, CT. You can learn more about their experience in business acquisition law by visiting their website. To schedule an initial consultation, call (203) 789-0001 today.