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
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.