You spend your life building your business, marketing your brand and making a name for yourself in the Oregon business world. You work hard, and you want your business and your legacy to live on well after you retire and move to the next phase of your life, or even after your death. Do you have a succession plan in place to make sure this happens?
Many business owners have not taken the time to put together succession plans. They may talk about what they want to have happen following retirement or death, but nothing concrete is put in place. Some don’t talk about it at all.
Many problems may arise if you do not have a succession plan. For example, there may be disagreements between employees about their new roles after you are gone. Who will be in charge? Do you want one person to take over your company, or do you want different people assigned different roles? If you want a say in the matter, having a legally binding succession plan in place is a must.
A company can only continue thriving if it has direction, purpose, goals and plans. Failing to put together a succession plan can mean the failure of one’s business. If the goal is to keep it going, having a succession plan is a must for Oregon business owners. If you are thinking about putting together a succession plan or if you need to modify an existing one, legal counsel can help. To learn how, please take a moment and visit our firm’s website.