Experienced Longview Attorneys For Business Succession Planning
When you’ve worked your whole life to establish a successful business, choosing a successor and establishing a strategy to pass on your legacy is crucial not only for your own peace of mind but also for that of your customers, colleagues and employees. At Boon Calk Echols Coleman & Goolsby in Longview, our business law attorneys have decades of experience supporting business entities from start to succession. Our lawyers can work with you to strategically prepare a succession plan to help ensure the success and survival of your business upon your departure.
What Is A Business Succession Plan?
A business succession plan sets forth a strategy to transition the business to a family member or trusted colleague after you retire, become disabled or die unexpectedly. A succession plan also details all steps needed to seamlessly pass the control of your business to someone else. Having a succession plan means that someone else is ready, willing and able to step in and take over the business should the need arise. A successful succession plan will create consistency and a smooth transition for employees and customers.
Our attorneys have extensive experience in business law, as well as estate planning. We bring this wealth of experience to every succession plan that we help develop.
Creating A Successful Succession Plan
A successful succession plan will keep in mind the long-term goals and vision of the company. It also helps to identify the potential challenges your business will be facing in the next few years and establish a plan for how to address them in your absence. Other components to think about and action steps to take include:
- Identify the key roles and positions that will help support an easy transition and continuity for employees
- Evaluate the competency, skill and knowledge of potential leaders and candidates
- Identify future staffing needs
- Invest in training and prioritize leadership development for potential candidates
A smooth succession is dependent on strategic planning for the future. Our business law attorneys have decades of experience providing counsel and guidance to businesses from their inception and formation, through conflicts, to mergers and acquisitions. We can help your business create a successful strategy for a succession plan. Even if you only need a plan for winding down your business in your absence, we can help you ensure that your company will be taken care of.
Contact A Business Succession Plan Attorney Today
Our firm offers a free consultation appointment. During this appointment, our attorneys will answer any questions that you may have and tell you more about how we can help you with your business and legal strategies. To schedule your appointment, call our office directly at 903-704-0592 or send an inquiry using our online form.