Updating your business succession plan should be a regular part of managing your business. We previously wrote about common succession planning mistakes that are made and one of the biggest mistakes that needs to be highlighted is not updating your succession plan regularly. Like your estate plan, your business succession plan is not set in stone. So when do you need to update your succession plan?
When to Update Your Business Succession Plan:
- Key members of your leadership team leave the company.
- The value of your business changes.
- Changes in any partnerships.
- You get married or divorced.
- You change your mind about successors or any other details of your plan.
Don’t let the fear of not being able to update your succession plan keep you from having one. Your succession plan, just like your estate plan, can and should be updated regularly. Just as you move through different stages of your life, your business evolves as well. Keeping your business succession plan updated ensures a smooth transition for your business when the time comes. With guidance from a professional, you can update your plan and receive advice that’s within the best interest of your goals and your business.
It takes so much time and energy to build your business. Make sure that the same effort is put into a proper succession plan to give your business a successful next chapter. We can help you through the business succession planning process. Whether you already have a plan that needs updating, or starting from scratch, let us guide you through creating a plan that aligns with your goals. We offer a free consultation so we can learn about your business and your goals. Contact us with any questions and to set up your consultation.
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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.