Are you a Business Owner? Do You Understand the Importance of a Business Succession Plan? Do you have a plan in place to safeguard the business you have worked so hard for?
A Business Succession Plan is a means of establishing continuity in the conduct of a business. Ensuring business operations remain smooth and uninterrupted when there is a time of transition within the ownership of a business.
Business Succession Plans are often important for preparing one’s business for the unexpected- such as death, divorce, or loss of interest. Our business attorneys
work with small to mid-size companies to create a plan that will establish a means of continuity for one’s business after an owner is unwilling or unable to continue running the business. Small or large, we advise all businesses to establish a succession plan to safeguard the future of their company.
As a business owner, you should ask yourself the following questions regarding Business Succession Planning:
1. Do I have a plan in place?
2. Do I have a successor in mind?
3. Will the company have enough funds to continue running if I am no longer an owner?
4. Do I understand the risks if I do NOT implement a plan?
5. If a succession plan has been created, have others in the company been made aware?
If you are a business owner in need of assistance with establishing a Business Succession Plan, contact the office of Harris Cook, LLP. With offices in Arlington, Mansfield, and Flower Mound, our Business Attorneys represent clients throughout all of North Texas.