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Succession Planning When There’s No Clear Successor

Protect the value of the business in the case of an owner’s death or long-term disability.

Ideally, business succession planning should be an orderly process of transferring the ownership and management authority from a senior group of owners and managers to a successor group. This transfer may occur from the senior members of a family to more junior generations or with an unrelated group of founders who are ready to retire and transfer to key employees or purchasers of the business. A growing number of successful closely held companies have no clear successor ready and in place to

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