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Business Succession Planning – It’s Never Too Early to Start

by Kevin J. Richter, Shareholder

Many times owners of small and midsize businesses face a challenge when it comes to establishing a plan for their business succession.  Should they look for outside purchasers or current employees that would be qualified to operate the business and that would have sufficient ability to pay the purchase price?

There are many issues that are encountered when an owner begins a business succession plan which sometimes can be overwhelming if the project is not broken into manageable segments.  Therefore, when you begin the process of deciding the most beneficial route to take in creating a viable continuum for your business, remember IT IS NEVER TOO EARLY TO START.  At first, you may think that the only time business succession planning is necessary would be upon your retirement.  However, consider what would happen at your death, disability or other unexpected event.  Remember, you have spent numerous hours building your business and you have survived many difficult times in making your company a success.  Do not be short sighted and believe that there is no reason to plan for tomorrow. Start today. 

Kevin J. Richter is a shareholder at Mathis, Marifian & Richter (MMR), who focuses his practice in business law, taxation law, estate planning, employee benefits law, employment law and real estate law. 

If you would like more information, contact Kevin J. Richter by phone at (618) 234-9800, ext. 228 or by email at krichter@mmrltd.com.

Professional Services Disclaimer: Please note that the information presented here is as an educational service, and while it contains information about legal issues, it is not legal advice. No warranty is made regarding the applicability of the information presented to a particular client situation, and the information set forth is not a substitute for original legal research, analysis and drafting for a particular client situation.

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