- Introduction to Succession Planning
- Succession Planning Challenges
- What Should a Succession Plan Include?
- Succession Planning Questions to Ask
- How is Succession Planning Related to Estate Planning?
- Systematic Gifting
- Passing on a Successful Business
- Will Your Successors be Ready?
- Selling the Business to a Family Member
- What is a Buy-Sell Agreement?
- Components of a Buy-Sell Agreement
- Setting a Price for a Buy-Sell Agreement
- Funding a Buy-Sell Agreement
- Cross-Purchase Agreements
- Stock Redemption Plans
- Other Types of Buy-Sell Structures
- Choosing the Right Funding Method
- GRAT or GRUT?
- Family Limited Partnerships
- Replacement Planning
- Other Considerations When Exiting a Business
The time will come when you and your management team or partners won't be the people running your business any longer. You might exit your business because it is time for you to retire, a planned event. Or, you could leave your business because of an unexpected event — a disabling illness or accident, or even death. Who will take the helm after you are gone?
"Succession planning" is a way to plan ahead for the day when you will no longer be in the driver's seat when it comes to your business affairs. It is a critical part of business planning, whether your business is family-owned and you plan to leave it to an upcoming generation, or you simply need to put the right, trained talent in place to have a line of good leaders who can run your business into the future.
