Why You Should Have A Succession Plan

As a small-business owner, it is critical that you develop a succession plan before it's too late. All too often, small businesses do not survive long term because the owner or partners did not have a plan for what would happen when they retire or pass away. Early planning is the key to success, and our attorneys have the experience and know-how to develop a plan that makes sense for your business. Hassett & George has been helping clients all over Connecticut craft succession plans for their businesses. Here are three ways business succession planning can help ensure the future of the company you built:

Heading Off Disputes

The last thing you want for your business is a power struggle. Without a clear plan outlined for who takes on what responsibilities, the chances of a dispute between employees over authority are almost guaranteed. By defining roles and grooming internal replacements as part of a well-crafted succession plan, you can make sure that there will be no fight for the top job.

Assuring Stakeholders

Stakeholders are another concern when considering the future. If you have many stakeholders in your business, letting them in on the process of creating a succession agreement is going to give them confidence in their continued investment. Having happy, assured stakeholders means a secure future for your company.

Decreasing Your Stress

The business you have built is valuable to you. Knowing that your business will be in the right hands when you depart will reduce your stress and allow you to run your business the way you want. Having a plan is more than just relieving, it is the responsible thing to do.

Lawyers Offering Succession Plan Advice

Speak with one of our attorneys about building a succession plan that's right for you and your business. We can be reached at Glastonbury or Simsbury office by calling 860-264-6715 or by using our contact form.