Tradition Based. Technology Proficient
Client & Community Focused
FindLaw Network

Office Locations

Veazey Felder & Renegar LLC
 
Lafayette Office
2 Flagg Place
Suite 3
Lafayette, LA 70508

Phone: 337-446-2709
Fax: 337-234-5310
Map and Directions

Why Do You Need A Business Succession Plan?

Starting your company is exciting and you may not think of the moment you’ll leave your business. But, if retirement is in your future, you may need to start thinking about creating a succession plan. A business succession plan helps companies outline a strategy to smoothly transition a company from a current CEO or managing partner to another entity.

You might not have considered a succession plan before, but they are essential for a few different reasons.

What Does A Succession Plan Entail?

All businesses have complex moving parts and a succession plan can help ensure that the company runs smoothly while ownership or leadership is transferred. When your business is transferred, a number of concerns can pop up, but a secure succession plan can prevent potential problems, from tax issues to leadership concerns. An efficient succession plan should include some to all and more of the following:

  • Updated chain of command
  • Buy-sell agreements
  • Retention planning
  • Tax payment plans
  • Review of insurance policies
  • New leadership designations
  • Process to transfer entities
  • List of assets and inventory
  • Responsibility assignments
  • Schedule of implementation
  • Announcements and notices

Succession plans help pass leadership with minimal disruption to the business, so your company can continue operating efficiently and effectively, though each plan varies based on the type, circumstances and complexities of the business. The exact process is different from company to company, including the details of the succession plan.

Creating a thorough succession plan is essential to your company, even if you’re just starting out. Planning an exit from your company can be just as important as planning the beginning of it.

Contact Our Firm

Our Awards & Affiliations

Top Lawyers Of Acadiana 2020 | Acadiana Profile Magazine
Top Lawyers Of Acadiana 2017 | Acadiana Profile Magazine
AV - Lexis Nexis - Martindale Hubbell - Peer review rated - For Ethical Standards and Legal Ability
Super Lawyers
NFIB - The voice of small Business
Top Lawyer
Top Lawyers Of Acadiana 2016 | Acadiana Profile Magazine