Succession Planning
- 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
What Should a Succession Plan Include?
Think of a succession plan as a trail map you leave for your business partners, heirs, and successors. It will outline programs and procedures in detail that should be followed in the event of your death, permanent disability, or retirement. A succession plan most likely will include:
- Instructions for distributing business assets, including stock
- Buy-sell agreements between you and your partners or heirs
- Named successors and instructions for each
- Instructions on how to handle business debt
- Business valuation
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