Business Succession Planning in New Jersey: Key Concepts For You to Consider
You’ve built a business and it’s very successful. You want it to continue. How do you make sure you protect it? The answer simply stated is through succession planning.
Succession planning helps you:
- Hand-pick your successor
- Define the terms, conditions, and financial details of your withdrawal
- Secure the successful performance of your successor going into the future by mandating benchmarks and goals to be met.
- Regain possession of your business should there be a default of one or more key provisions of the succession agreement.
In the absence of a well-written business succession agreement, you’re at the mercy of one or more key employees, investors, or family members. Just because your son/daughter is next in line to take over your business, doesn’t immunize you from risk. Truth be told, in their minds they think they are entitled to your business. Once they take over, they may forget that they are buying the business instead of being “gifted the business”.
What about your other children who do not work in the business? What about your spouse? What about your key employees?
Corporate Succession Planning in New Jersey: It’s a Matter of Life or Death to Your Company
As the owner of the business, what happens if you retire or, become disabled? Will your life’s creation continue a year later? What will happen to your company? Fredrick P. Niemann a New Jersey business succession attorney and lawyer with 40 years’ experience together with his partners and associates can explain all the reasons every New Jersey Corporation and family business should have a succession plan and why it is so vitally important to the owner of the company.
From the financial terms of the buyout, compensation of owners and shareholders, and securing the value of your stock shares, Mr. Niemann and/or members of the firm will explain the important factors to address in a comprehensive corporate/business succession plan.
Remember a well-written succession plan should cover:
- Your future involvement and participation in the business.
- Your Retirement and compensation in retirement
- Your Disability and compensation if you become disabled
- Your Death and the buyout of your ownership interest in the company from your Estate.
Protect the business you spent a lifetime building.
Contact me today at email@example.com or call me toll-free at (855) 376-5291. We’ll sit down, talk and come up with a plan for you that will make your succession plan easier and more secure.
Fredrick P. Niemann, Esq. NJ Passing on a Business Attorney