What Every Lawyer's Client Needs to Know About Succession Planning
A solid succession plan often results in a higher valuation if selling, and a successful transition when passing the reins to younger employees, family, or establishing an ESOP.
May 23, 2024 at 01:21 PM
7 minute read
What You Need to Know
- I often run into business people who are confused about the differences between succession planning and exit planning.
- Lawyers are in the unique position of being able to guide their clients through the confusion.
- For maximum success, an exit plan will include a succession plan.
"This was a great session; I thought I was going to be listening to a lawyer all day."
That is a quote from a CEO participant in a small group I was recently speaking to.
I'm a succession planning consultant, and over the years that I've been helping small and mid-sized businesses with their succession planning, I often run into business people who are confused about the differences between succession planning and exit planning. You are in the unique position of being able to guide your clients through the confusion.
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