200 Day Hill Road Suite 240, Windsor, CT 06095

Business Succession Planning

Why You Should Be Thinking About Business Succession Planning

If you are the owner of a business you should be thinking about business succession planning. The prior statement applies to owners of every kind of business: from sole proprietors all the way to stockholders of C corporations and everything in between; whole owners and partial owners; business that just started to those that are hundreds of years old. Business succession planning can take many different forms, and we are here to be your resource and guide to create an effective and efficient plan.

Most business owners only begin thinking about succession planning when they decide they want to cash out and retire, causing a mad scramble to find successors or prepare the business for sale. That is an unfortunate time to begin planning since proper preparation can prevent unnecessary stress and lead to a better outcome for all involved. Perhaps for this very reason, only a third of small businesses survive being governed by the second generation of owners, twelve percent make it to the third generation, and only three percent make it to the fourth generation. i Meeting with our business succession team earlier rather than later can help you and your business be in a strong position for the future and all that comes with it. We prefer to start our planning early and assist you in transferring your business to the next generation of leadership and ownership while addressing your retirement needs and the delicate balance of family dynamics.

We deal exclusively with family businesses and understand that there are a myriad of intra-family issues that come up when doing any sort of business planning. In this regard, we function as counselors to help resolve family issues first in order to assist you in effectuating your plans for the continuity of the business with the least amount of friction. We can then help navigate the succession path, whether that means assisting in planning for the sale of the business, or turning it over to the next generation. This may include working with you and making recommendations for the operations of the business, changing the legal nature of the business, or arranging agreements so that your wishes for the future of the business are carried out properly.

Our knowledgeable attorneys and paralegals create a familial and welcoming atmosphere and take the time to understand you, your business, and your needs. We realize that your family business may be far more than just an asset or income producer, it may be your legacy and passion. We create and implement effective strategies to help you in planning for the future of your business. Give Disability Planning Partners a call today to get started preparing your business for the next generation.

Claudia W. Englisby

Claudia draws upon her vast legal knowledge and her personal experiences to implement a modern approach to disability and estate planning.

If you have questions about this topic, please contact our offices.