Family Business Succession Planning

August 3, 2020

What will happen to your business if something happens to you? You’ll need a succession plan so that your business can continue running without interruption. When your business is owned and operated by those within your family and you want to ensure it stays that way once you’re gone, developing a plan for the future of your business with a Baltimore County succession planning lawyer is your best option. Here are some important things to know about family business succession planning. 

family business succession planning

What is Succession Planning?

Succession planning is a process that every business owner should go through to identify and develop new leaders who can replace older leaders when they leave. It ensures that there are experienced and qualified employees who are prepared to run the business in the event that the older leaders leave, retire, or die. It’s usually done with the help of a succession planning attorney. 

Why is it Important?

Succession planning is essential to keeping your family business running smoothly after you are no longer able to manage it yourself.  It’s also a way to reduce costs in recruitment, develop the talent your business already possesses, keep business ownership within the family, and get peace of mind regarding the future of your business.

It’s said that in America, the number of people in leadership positions who plan on retiring in the next few years is higher than the number of people entering the workforce. Business succession planning gives you time to account for and plan for this deficit. 

What to Consider in Succession Planning

There are a number of things that need to be considered during your planning in order to help ensure your plan covers all of the bases and provides security in your business’ future. Here are a few of the main topics you will analyze and discuss as you develop your family business succession plan. include: 

  • Internal candidates
  • Candidate development
  • Family considerations
  • Diversity
  • Retention

The Planning Process

The process doesn’t have to be hard. In fact, with the right succession planning attorney, it can actually be a painless and worthwhile venture. To make the best succession plan for your family business, the process will include:

  • Identifying your business’ vision and growth plans.
  • Creating an inventory of existing skill sets.
  • Gauging family members’ interest in having a new or more significant role in the business.
  • Asking employees about where they would like to be in the company’s future.
  • Evaluating and informing employees of their succession potential.
  • Offering retention programs that help ensure key staff will stay with the business.

Develop Your Business Succession Plan With DK Rus Law

DK Rus Law believes that every business should have the opportunity to develop a strong succession plan that helps their business continue to grow when they’re no longer able to do so themselves. If you’re looking for a succession planning lawyer in Baltimore County, DK Rus can offer you peace of mind in your family business’ future so that you can get back to the current business at hand. Call or contact us today to get started. 

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