5 Reasons Why You Need a Business Succession Plan… Now


If you have a business then you should have a business succession plan in place. Things can happen unexpectedly to anyone, at any age, at any time. If an event should result in your incapacitation or death, a business succession plan is an emergency plan that will ensure that things continue to run smoothly.
Still need convincing? Here are 5 Reasons Why You Need a Business Succession Plan…Now. 
1. You need time to find your successor. 
If you expect a family member to take over your business, it’s important to start having those conversations now. You should speak to them in depth about their commitment and their goals for the business. This may not be something they even want to take on but it does not mean your business will go to shambles. You could find a management service or potential buyer. If you plan ahead you have options so that you’re family benefits from your business with minimum losses and hoops to jump through. 
2. You need time to prepare your successor. 
The person taking over will need to learn how to manage and grow the business. This includes building relationships, gaining industry knowledge, and learning sustainability.  Identifying your potential successors is something you can do now. Choose wisely. In the right hands, a small business can continue to flourish well beyond the tenure of the original owner. In the wrong hands, it will fold in no time. Finding the right person, whether a family member or outsider, takes time.
Your business can benefit your family without having to be ran by your family…if you prepare for that.
3. You need time to prepare you business.  
You have to get your business ready for a smooth transition. This means getting its affairs in order so that it can have sustainability and growth.  A starting point is gathering and consolidating important documents and data such as inventory, tax returns, financial records, and valuation data.  Keep a historical record for your business. A buyer will want to see these things. Organizing these things also protects the business in the event an owner has to sell unexpectedly or a family member must handle the transition under more dire circumstances.  For example, you should document your business processes so that someone new can easily take over. Your employees should get training so they consistently execute these processes as documented.
4. You can manage tax liability.
Planning for business succession now can help you avoid major taxes on down the road. A professional business and estate planning attorney can help you look at business succession planning as part of an overall estate planning strategy. There are things that you can do now that can reduce your taxes later. Planning can make things so much easier on down the road and legal advice can help ensure that you look at all the important aspects in your planning.  
5. You can leave a legacy and create generational wealth. 
Undoubtedly, you have put a lot of hard work into your business, even if it’s a one-person show, you want it to be in good hands. A small business can grow and a large business can be sustainable. Succession planning can ensure the people that depend on you can continue to get your support.
Don’t forget to subscribe to my newsletter for more information on planning and protecting your assets!

from the lawyer next door,
Crystallace Fenn

FTC: I participate in an affiliate marketing program. If you choose to make a purchase as a result of clicking a link, I may receive a small commission of the sale. This helps me run my blog and I don’t talk about things I don’t actually use.

Legal Disclaimer: Although I am a lawyer by profession, I am not YOUR lawyer. All content and information on this website is for informational and educational purposes only, does not constitute legal advice and does not establish any kind of attorney-client relationship by your use of this website.

about the blogger
Hi, I’m Crystal and welcome to my blog. I’m a Millennial (and a lawyer) who enjoys sharing and helping others.
search the blog
featured product
Read More

Recommended Posts

5 Black Bloggers Who Blog About Blogging

5 Black Bloggers Who Blog About Blogging

Let's admit it, the blogging world industry is White. So, it may be hard for aspiring black bloggers or existing black bloggers to find a community and mentorship. These things are important because having a successful blog is about building a community. Blogging is a...

5 Truths About Law School ….

5 Truths About Law School ….

Last year, I made a YouTube video "5 Myths About Law School." So, I wanted to write a blog post about "5 Truths About Law School." I'll put the link to my YouTube video below so that you can check it out. Don't forget to subscribe while you're there! Let's jump right...

4 Ways Having a Household Budget Benefits You

4 Ways Having a Household Budget Benefits You

Household budgeting is one of the simplest ways to start being in charge of your money. One of the biggest lessons most people learn is that they don’t have an income problem, they have a spending problem. While I’m not going to get into the steps to plan a household...


  1. Indeed, essentially in such a case that you can't sell your items or administrations at a decent benefit, you won't have a business, plain and basic. 소액결제현금화

  2. Thanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info. Insurance Marble Falls

  3. Thanks for sharing nice information. Business Succession Plan is vital to for the business success. Everything needs planning and strategies to execute the plan and get the positive response.
    So always plan your resources and strategies to execute the business goals.

  4. Informative article.
    According to me get the best business services with Next Chapter Succession Planning and fulfill all your business requirements with the team of esteemed professionals.

  5. The Atlanta Adoption Lawyer at the Law Office of Samuel E. Thomas, LLC is experienced in handling adoption and guardianship cases. The adoption process is complex and there are a lot of procedural requirements that must be met before an adoption can be finalized.

  6. I admire what you have done here. I like the part where you say you are doing this to give back but I would assume by all the comments that this is working for you as well. Write for us business

  7. No matter the size or nature of your business, one thing that remains the same is the need for business insurance. There are many different aspects of your business that you'll want to take into consideration when looking for new business insurance – or reviewing your current insurance coverage. Business Insurance


Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest