Some great consequensces of succession planning are
• Eliminates claims to management rights of the business by the estate of departing owners;
• Prevents unwanted introduction of new owners with incompatible philosophies and agendas;
• Protects against control of the business being ‘frozen’ because of probate difficulties or legal restrictions if an owner loses legal capacity;
• Provides assurance of the opportunity to buy shares from an affected owner should they suffer a tragic event;
• Predetermines funding for the purchase, as well as the price of the business;
• Assures continuity of the business with minimal disruption;
• Provides security for suppliers, staff, creditors etc.
So talk to your legal experts or accountant to prepare one today