Ensuring Generations Of Success With A Family Business Succession Plan
A successful family business represents years of hard work and sacrifice. You spent significant time, capital and effort building it, but now you need a plan in place to keep it going after you step away. It cannot be overstated; a business succession plan is just as important to the ongoing success of your business as the daily operations. For help developing and implementing a succession plan, turn to the experienced lawyers at Pope Law Firm, PLLC.
Call our Buffalo office at (716) 634-3320 to schedule a free consultation.
Succession Planning For Family Business Is Essential To Survival
Although family-owned businesses account for nearly half of the gross domestic product and play a vital role in the national economy, many fail after the first generation. The lack of a succession plan is a leading reason less than a third of family-owned businesses make it to the second generation and less than 12 percent survive to the third. Prevent your business from suffering that fate by creating a succession plan.
Procrastination Can Be Devastating
A conversation about your mortality or the possibility of incapacity may not be appealing, but failing to discuss business and financial matters with your heirs can devastate a business. Having a succession plan for your business in place shields it from tax consequences and major transition problems. It can also offer protection in the event of a divorce.
Advance planning is critical to a successful transfer of ownership and responsibility, and business advisors recommend a minimum of five years to implement a succession plan. Starting the succession planning early allows you to cultivate the strengths your successors and identify and limit potential weakness. A succession plan can also promote and maintain stability and unity between family members.
Protect Your Business By Having A Plan In Place
Don’t jeopardize the future of your business by failing to have a succession plan. Get started on an exit strategy today by calling (716) 634-3320 or contacting us online. From our offices in Williamsville, Lockport, Buffalo and Niagara Falls, our attorneys serve clients throughout Western New York.