Succession Planning Part 2
When selling your business, a team of advisors and open communication with your employees and business partners will contribute to a smooth transfer of power.
Note that you should periodically review your succession plan to make sure it will still meet your needs and expectations. Changes in your personal situation, e.g., marriage, divorce or grandchildren, may suggest modifications to your plans. Similarly, major changes in business operations or revenues may also suggest the need for plan revisions. Finally, the plan should be reviewed at the outset and periodically by competent experts to make certain that changes in laws have not affected the plan objectives or assumptions.
Through thoughtful advance planning, you will be able to ensure that your success lives on. Take some time to enjoy it.
David C. Whitlock has over 25 years experience in business immigration, compliance, employment counseling and training. He is an attorney with Miller Martin, PLLC and can be reached at (404) 962-6102 or at dwhitlock@millermartin.com.
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