Business succession planning is really about preparing your business for
its future sale or transfer, enabling the business owner to exit with
the highest return from your investment while having confidence in the
business' continued operational success (thereby increasing the
certainty of your pay-out, if so structured).
What is amazing about succession planning is how little time and
preparation is often dedicated by the current ownership to its pursuit.
Instead, far too many owners simply believe that the value is there and
they will be able to take it when they decide to retire or pursue an
alternate venture. That is rarely, if ever, the case.
Effective business succession planning requires considerable preparation
that should begin many years in advance of the actual departure.
It transforms an operational business into a transitional business,
which is tweaked and modified to obtain the most value from its
By waiting until the last minute to transition out of your business
(which is a horrible plan given all the time and effort you've expended
to make the operational business a success), you will in most cases be
taking a massive cut in your realizable financial return. It is
astonishing how much upside business owners throw away because they fail
to adequate plan long in advance. Planning that is undertaken with
the right team of experienced professionals (lawyers, accountants,
investment advisors, business consultants), whose knowledgeable advice
is implemented, pays serious financial dividends.
Providing corporate-commercial legal advice and strategic direction to
business enterprises, is the central focus of business lawyer
Christopher R. Neufeld's legal practice. To advance your business'
initiatives, contact N