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Q: What is succession planning?

By Scott Springer

Wed, Apr 11th, 2012
Posted in All Ask the Expert

Springer & Gumbel, P.A.

507-765-3600 • www.scottspringerlaw.com

Succession planning for a business is the process used to identify the who’s and how’s of continuing your business after the owner or key management people retire or die.

 Many times, succession planning involves a buy/sell agreement between partners or shareholders, but it can also involve cross purchase agreements or entity purchase agreements and life insurance policies. It may also mean a structured retirement.

 Succession planning also involves identifying the right people to continue the business. In many family businesses the identification is easy - but not always. Does the next generation have what it takes to run a business? Is there more than one family member that can or should be running the business? Will the business support more than one family member and their family? How will siblings be compensated?

 As an integral part of your business and estate plan, Springer & Gumbel can help you answer these and other important questions. As the adage goes, he who fails to plan, plans to fail. We’ll help you succeed.

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