Careful Plans Are Key To Long-Term Stability
When you’ve run your business for a long time, you look forward to handing it to someone else before your retirement or your next challenge. However, moving on from the business you run is not as simple as pressing a button. A botched succession can permanently destabilize your company, and that’s not the legacy you want.
At Staub Anderson, our attorneys have the experience to provide you with the succession plan you need to move on. We serve clients across the Chicago area in a variety of business law matters, always offering our high standard of individualized service to you. When you want to take your next step, we’ll help you do it.
What Goes Into A Succession Plan?
A succession plan is a complicated set of documents, which are very similar to an estate plan. However, unlike an estate plan, there are no set, standardized methods. Each succession plan is very personal to the company. That said, you must settle several important questions:
- Who will your successor be?
- How will they be trained?
- When will they take over?
- What will your severance be?
- Are there any contingencies?
Seeking these answers is both a personal and public question for your company. However, once you make the decision and have the answers, your company’s future is much more stable.
Build For Your Future
Moving on from a company is not meant to be an easy process. You’ve put a great deal of time and effort into building the business, and you deserve to leave on your terms. That’s the result we aim to reach for all our clients.
We will provide you with the information you need to guide your decisions. We will craft the documents necessary to secure your legacy with the business. Call us at 312-345-0545 or send us an email to get started today.