Business succession planning involves all necessary legal actions taken to ensure the smooth transfer of your business to a selected individual or, group of individuals, upon retirement or in the case of an unforeseen event that leaves you unable to perform the duties required of your role. Additionally, a business succession plan also ensures that there are the necessary financial resources to cover any expenses associated with the transfer.
A business succession plan should be put into place as soon as possible, and the plan should take into consideration:
Whether you have a small family business or a large company, business succession planning is an essential part of your business. A small family business may need succession planning as part of the owner’s complete estate plan, or a larger company may need a succession plan in place as part of qualifying for company financing. Our Virginia business succession planning lawyers can help you develop a plan for the continuation of your business long after your lifetime (or retirement).
If you have a business and are interested in constructing a business succession plan that will secure its transfer and continued success for years to come, contact a Virginia business succession planning lawyer today. Our team is ready to help you create a complete plan for your needs.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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