Business owners need to consider these two questions in order to ensure that what they want to happen to their business will in fact happen.
They may know who they want to take over their business in the long term, but what happens to their business if something unexpected happens in the short term?
This is why business succession planning is vital for business proprietors.
Business succession plans are tailored for each business. Various sets of circumstances need to be taken into account, including the type of business, number of proprietors, existing business structure, economic factors, and even the personalities of the owners, their families and the staff.
To read more about shareholder agreements and buy/sell option agreements visit our Business Succession Law page.
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